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TODAY'S OTHER NEWS

Buyers surge into prime London property

There has been a rush of buyers into prime central London property in the immediate aftermath of the General Election.

There are now 30 potential buyers for every property for sale at £2 million and above in Kensington and Chelsea, according to a new report by boutique estate agency Patterson Bowe.

While UK property prices generally have soared to an all-time high, the capital is attracting avid interest.

Patterson both puts this down to the election of the Conservative government and the end of the threatened Mansion Tax.

Vendors at the top end of the market have recently managed to command above local average asking prices for their properties, which are currently valued at more than £2,000 per square foot in the most prime locations.

This is in sharp contrast to the market climate prior to the election where properties at £2m and above were not going under offer for several weeks.

Many consequently did not achieve their true market value.

Stuart Patterson, managing director at Patterson Bowe, said stamp duty now remains the biggest obstacle to successful transactions of properties over £2 million.

This has led to a significant lack of supply and a surplus in demand.

“Of the properties we currently have under offer at £2 million and above, the majority have now achieved above average prices for the area at more than £2,000 per square foot. 

“Although the recent hike in stamp duty is taking time to be absorbed into the market, it remains a significant factor both to a purchaser and conversely to vendors considering moving or trading up.”

Patterson so that despite this, the flurry of buyer demand since the election should help vendors command an attractive price, despite stamp duty concerns.

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