Acting on behalf of a banking client, McWhirter Locke Associates have achieved an exchange of contracts sale on a D1 building in London NW10. The modern building currently used as a Church and Day Nursery has been sold as an investment but with further opportunities for the purchaser, at a figure in excess of £3m. For more details contact Duncan Locke of McWhirter Locke.
Tax increases on residential properties announced by the chancellor in the autumn statement are predicted to have a significant impact on the top end of the property market. Agents and property developers, who work in this sector, have already commented on a cooling in the market, and this is likely to be exacerbated by these tax increases. The changes on stamp duty land tax payable on residential properties, replace the “slab tax” system, and will be of benefit to the majority of home buyers but purchasers of homes in excess of £937,500 will pay more in SDLT – as continue reading
Permitted Development rights to convert offices to residential use is creating a shortage of workspace according to the RICS Commercial Market Survey Q3. It also reports that office rents are expected to rise at the fastest rate since 1998 over the next quarter. It says ‘while permitted development rights is helping in a small way to boost much needed housing supply, the latest survey suggests that it is also having the unintended consequence of contributing to a shortfall of office space’….‘this is particularly marked in London and adding to upward pressure on rents’.
According to September’s National Housing Survey by Hometrack, house price growth has stalled for the 1st time in more than 18 months. In particular there is a pronounced slowdown in activity in the London market, which is said to be have seen a 0.1% decline in average prices during the month. The slowdown is attributed to increased buyer uncertainty, due to a heralded forthcoming interest rate rise as well as next year’s general election and recent warnings about the market overheating. The report’s authors say that the price rises of the last year and a half had been fuelled by continue reading
The Office of National Statistics have reported that house price inflation in the United Kingdom is up 9.9 % from the previous month to 10.5% in May 2014, being the highest rate for four years. The largest increase was in London, where prices rose in the year to May by 20.1%, being a new record high. Outside London the average house price rose by 6.4%.