Comments from RICS London surveyors this month
Brendon Thomas MRICS, Tower Hamlets/ Hackney / City / Newham, Maitlands Acorn Professional Ltd, 07823777900 - Seeing good demand across most of my patch, underpinned by regeneration etc. New schemes are selling well.
Expect a busy run into Christmas.
Charles Puxley, Chelsea, Jackson-Stops & Staff, 020 7581 5881 - Traditionally Sept ember is a busy month for instructions in Central London. This has not happened this year and there is notably very little activity at just over the £2m mark.
Mansion tax seems to be a
real worry; it will decimate
James Gubbins MRICS, Pimlico, Dauntons, 020 7834 8000 - Stock levels began to recover over the summer months as applicant numbers fell back and transaction numbers reduced. As summertime passes, buyer activity returns.
Jeremy Leaf FRICS, Finchley, Jeremy Leaf & Co - There's no question, we're seeing a marked reduction in enquires compared with a few months ago. However, what we lack in quantity is more than made up for in quality as serious buyers chase relatively few well-priced family houses and flats available.
John King FRICS, Wimbledon, Andrew Scott Robertson, 020 8971 4990 -Activity levels are greater below the £1m level than above at present. Good supply of stock coming onto the market across all price ranges. Values are softening.
John King FRICS, Merton, Andrew Scott Robertson, 020 8971 4990 - The number of viewings to offer ratio has moved down the scale. We expect this to be the norm depending on asking prices.
Keith Barnfield FRICS, Enfield, Barnfields, 020 8363 3394 - Activity has yet to pick up after the holidays. More properties are staying on the market longer and offers are being made at figures below asking prices.
Kevin Ryan FRICS, Mayfair, Carter Jonas LLP - The market remains in the doldrums. The spectre of a Mansion Tax on top of the Annual Tax on Enveloped Dwellings and the recently introduced tax on foreign capital used as collateral for mortgage borrowings in the UK is a deterrent to overseas buyers.
Peter Boros FRICS, Henley On Thames, Boros CRE Ltd -Last few months impacted by worldwide holidays and festivals/celebrations.
Peter Rollings FRICS, London, Marsh & Parsons, -A lack of potential buyers entering the market has caused inflated asking prices to be trimmed back, in some cases considerably. More of a buyers market.
Robert Green MRICS, Chelsea, John D Wood & Co., 020 7352 1484 - Chelsea has seen an active market from domestic buyers in September. These buyers are looking to the long term and seem less sensitive to the threat of Mansion Tax than others as many seem unconvinced it will happen, at least in the current form.
Simon Aldous MRICS, London, Savills, 020 7016 3861 - We do think there is uncertainty due to the forthcoming General Election and the changes that may arise to Mansion Tax, Annual Tax on Enveloped Dwellings , Capital Gains Tax, Stamp Duty. Changes to mortgage lending/regulation has softened the market in Prime South West London.