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London property market

London property market

London property market

With the most interesting month in British economic history about to start how is the London property market performing and what will all the changes mean to you if you are trying to sell house fast London?

June the 23rd is the date that everyone is talking about. BrExit is the event and will the UK still be part of the EU at the end of June? We are undecided here at the Home House Buyers office, however, we have been doing some research on the London property market for those looking to sell house fast London.

So how are House prices in London as of today? Well here are a few facts and figures: –

The London Borough of Southwark has seen the greatest fall in recent times with dips as low as 15%

Prices in Belgravia prices have fallen by 10.3%

Parts of Kensington have seen drops as low as 8.3%

Apartments for sale in London increased by 60% over the last 12 month period.

In actual fact out of 20, UK areas experiencing the largest falls – 11 were in London. Many are saying that there are three contributing factors to some of the falls in London houses prices and they are : –

The second tier of stamp duty for those buying a second home – If you are buying a second home with a purchase price of £300,000, just the extra 3% Stamp Duty would equate to £9,000 (3% of the entire price). This is on top of the initial £5,000 regular Stamp Duty bill on a home of this value, making the total stamp duty payable £14,000. This rule was brought in on the 1st of April and the market in London property market seemed to take a dip after.

New Buy to Let tax due to come in next year –  This will mean that people will have to pay tax on the full amount of income they generate on their property as opposed to just paying the tax  it on your net profit. Many fear that this is causing some landlords to begin to offload their stock which, is creating a saturated market. When the market becomes saturated this increases competition and forces people to put their property on the market at an attractive price to generate interest. This is undoubtedly likely to drive down prices.

Britain considering leaving the EU (BrExit) – This is currently causing the market to slow down (similar to with the Scotish referendum) with people waiting for the decision before making such a large purchase. Do you blame them? It seems politicians are using every trick in the book to try and persuade people to  stay in the EU even saying that it could cause the UK to enter into a recession BBC News.

So what does that mean to those that are trying to achieve a sell house fast London service?

HHB have seen a recent dip on the sell house fast London market with buyers dramatically reduced, this could be due to the lack of EU investment coming into the UK as investors wait to see the outcome of the EU referendum.

It has been largely reported that European investors have pretty much withdrawn from the London property market with as little as 9% buying in the first quarter of 2016, compared to 30% in 2015. Even though the pound is down 10% on the Euro making London properties cheaper for the EU investors they are still hesitant to purchase at this moment in time. With the referendum only a month away what’s the rush, wait to see what the outcome is…

According to estate agents in London, the EU has been the main source for international buyers seeing that decline, especially at this moment in time shows a lot more caution in the market place. The problem we have is that if we leave the EU we have more questions than we do answers, for example, what’s going to happen with regards to our economy or how will it affect our currency and the only answer we have is we don’t actually know.

Community groups and Lawyers have reported a surge in applications for British citizenship, London residents and homeowners from the EU are worried about their right to stay in the UK if we decide to leave in the referendum.

Vendors looking to sell house fast London are particularly affected in central London which has seen prices drop, creating an added incentive for buyers to wait. Areas such as Kensington, Mayfair, Chelsea, and Belgravia has seen homes in the region of 1.5m to 4.5m now cost 10% less than at their peak in 2014, while properties over this amount are down 8%.

On the other hand, investors are seeing the currency drop as an opportunity to buy. According to some sources, these investors are positive that the UK will stay in the EU and the pound will gain again after the referendum, giving them an instant gain on their investment and making property, more expensive.

To sell house fast London at this moment in time your property has to be competitively priced and be open to offers. Once the referendum is out of the way, we hope things will get back to some sort of  normality with buyers feeling more confident in the London property market.

If you are looking to sell house fast London Home House Buyers can help we are national property buying company that can buy your property for cash within 14 days, call our sell house fast London team today for a cash offer on 0800 6121366 or fill out an online enquiry form and we will contact you. If you do decide to sell house fast London with us we pay all your FEES in  the process which can save you thousands of pounds. We buy any type of property from residential, commercial even land and will guide you through every part of the sale to make it as hassle-free as possible.

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