Category Archives: London Focus

London estate agency slams Ed Balls’ Mansion Tax plans

Following Ed Balls’ announcement regarding Labour’s mansion tax plans, Richard Barber, partner at prime central London estate agency W.A.Ellis makes this comment:

“Although Ed Balls has attempted to placate voters with an apparent softening of his mansion tax proposals by stating that there must be protections in place for people who do not have a high income but live in an expensive property (the asset rich, cash poor) by deferring payment until the property is sold, this does not make this tax any more palatable or fair. Continue reading

London’s rental market should be treated separately

As the Government continues to develop policies that are designed to crack down on soaring rental increases, Belvoir calls for the Government to recognise the polar differences between London’s lettings market and the rest of the UK.

“Belvoir’s Q1 rental index reveals that contrary to media reports of massive rental increases, the market has remained steady, with many regions still not recovering to 2008 levels,” says Dorian Gonsalves, Belvoir’s Director of Commercial and Franchising. Continue reading

Supply surge puts brakes on London’s property prices

The number of new property instructions in London increased 9.5% on April 2014 and 7.2% annually resulting in a steadying of prices and self-correction of the London housing market according to the haart Housing Market Monitor.

Conversely the number of new buyers coming to the London market fell, down 6.1% on the month, 2.6% annually. Continue reading

Updated laws for Londoners to let own homes for extra cash

New measures will end outdated rules from the 1970s preventing London residents from renting out their own homes on a short-term basis to visitors, Communities Secretary Eric Pickles has announced.

There were nearly 5 million overseas visitors to the capital between July and September last year alone, and thousands of properties available as holiday lets on travel websites. Continue reading

New York poised to take top global city crown from London

New York will overtake London as the most important city for the ultra-wealthy by 2023, according to Knight Frank’s Wealth Report, an annual analysis of wealth flows and property investment around the world.

The report shows that three of the top five most important cities by 2024 will be in Asia, knocking Geneva from the top 5. Continue reading

London’s housing market risks entering bubble territory

London’s housing market is beginning to show signs of ‘bubble-like conditions’, while the rest of the UK has returned to normality, says an EY ITEM Club special report on housing released today.

According to the report, income multiples are now back to pre-financial crisis levels in London, with homeowners taking on ever larger mortgages. Continue reading

Capital costs – the highs and lows of London living

London may boast the highest average disposable incomes in the UK, but it also has the highest cost of living and the lowest average savings levels

There are many benefits to living in the capital but it’s not without its drawbacks too. The annual London Factor research from Halifax outlines the current financial and social advantages and disadvantages of living in the capital city. Continue reading