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Reports from estate agents in the prime London property market shows there has been a surge of high end deals since the election result just a few days ago. Over £200 million worth of residential property has been sold since it became clear that the Conservatives would win the election and form the new government. Peter Wetherell, chief executive of Wetherell said that the firm is currently processing some £29 million worth of offers that were made on Mayfair property on Friday 08 May straight after the election, which included a £26.5 million property in Mayfair. ‘I’ve had correspondence last Friday and over the weekend with some 70 clients and other property contacts and all of them have said to me that the luxury London market is now back in business, especially with the mansion tax worries now over,’ he explained. ‘Whilst stamp duty remains a significant cost on the prime London market, I believe that we will now see a wave of new luxury residential sales and new instructions coming onto the Mayfair and wider West End marketplace,’ he explained. ‘I’ve already had several clients coming onto me on Friday and over the weekend asking me to prepare launching new luxury properties into the market shortly. The next few months will be very exciting for the luxury residential market in central London,’ he added. Gary Hersham, managing director of Beauchamp Estates said that firm is still busy finalising the multi million pound of business activity that started on Friday, most notably a £20 million pound property in the West End which exchanged on Friday. ‘We will now see property activity in prime central London return to previous levels, if not surpass them, as delayed and pent-up activities are given the green light. Property played a very influential role in this election, voters wanted economic stability and their homes safe from a mansion tax,’ he pointed out. ‘We will now see a big wave of previously pent up demand unleashed in the London housing market, which will lead to a rise in new instructions and sales across London and the Home Counties in particular, especially in the premium sector of the housing market,’ he added. Becky Fatemi, managing director of Rokstone, revealed that the firm had exchanges and offers on prime London property worth a cool £59.7 million at the end of last week, the biggest set of deals since the rush on the day before stamp duty changes. The activity included a £20 million penthouse in Belgravia, and a £2.2 million flat on Duke Street in Mayfair. It also had offers on £37.5 million worth of additional property consisting of a £7.1 million house in South Kensington from a Lebanese buyer, a Saudi family offered on a £2.5 million apartment in St Johns Wood, an investor made an offer on a £6 million property in Hyde Park Street, and there was… Continue reading →
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