Wealthy overseas buyers are looking to snap up property in London’s ultra prime market before the general election to avoid the risk of the Labour party hiking stamp duty should Sir Kier Starmer sieze the keys to Number 10 next month.
Luxury estate agent Beauchamp Estates has seen a 30% rise in overseas clients enquiring about suitable homes in the capital that they can buy and get fast-tracked before the election.
Paul Finch, Director and Head of New Homes at Beauchamp Estates told The Neg: “The UK General Election and especially the uncertainty that this time we could have a change of government from Conservative to Labour has had an impact on both the sales and lettings market accross Prime Central London.”
STAMP DUTY
He adds: “The biggest impact is currently with buyers from overseas. Overseas buyers can see that the Labour Government is looking to raise stamp duty by 1% on their purchases so we have seen an upturn in our overseas clients looking at derisking their purchase and are hurrying to buy before the general election.
“The most recent example is a £15 million penthouse deal we have just fast-tracked for an EU buyer who purchased the penthouse and another two bedroom apartment at Oceanic House in London’s Whitehall.”
The duplex penthouse and the two bedroom apartment at the Grade II listed Oceanic House (main picture) was originally the London HQ of the famous White Star Line of Titanic fame.
The European buyer, who works in the financial sector in the City of London, bought the penthouse as his London pied-a-terre, and also bought the final remaining two bedroom apartment.
The European buyer, who works in the financial sector in the City of London, bought the penthouse as his London pied-a-terre, and also bought the final remaining two bedroom apartment.The deal was rushed through by Beauchamp Estates in record fast time as the buyer wanted to purchase before the election since due to fears the hated tax would increase by 1%.
Finch adds: “The other impact of the General Election has been in our lettings division. Demand for premium short term lettings have gone through the roof at present as many potential buyers are deciding to wait and ‘sit on their hands’ and see what happens with the general election before deciding whether to buy.
“So they are taking short term let’s on properties so that they can sit out the election before deciding whether they want to buy.
“All the main political parties are committed to building more homes in London and overhauling the planning system to make more residential development faster and easier to implement so this cannot be anything but good for the London property market.”
The duplex penthouse and the two bedroom apartment at the Grade II listed Oceanic House (main picture) was originally the London HQ of the famous White Star Line of Titanic fame.
The duplex penthouse and the two bedroom apartment at the Grade II listed Oceanic House (main picture) was originally the London HQ of the famous White Star Line of Titanic fame.
