Millions of Pounds worth of luxury London Properties exchanged hands just hours after the elections this May. In fact, the recent landslide victory for the Tories at the general elections will likely lead to a surge in London property prices as the fear of a Labour Mansion Tax and other transaction taxes dwindle away.
“Manic” London property prices
In an atmosphere only described by estate agents throughout London as “manic”, some firms reported sales worth in excess of £60 million just 24hrs after the surprise victory of the Tories in the General Elections. This due to a combination of “cash strapped” owners of properties worth in excess of £2 million having put their properties on the market en mass ahead of the elections out of fear of an imminent Mansion Tax and buyers holding off till the results to decide on the right course of action with regards to their property investments.
Qatar royal family’s growing property empire
This week alone it has been reported that the Qatari royal family scooped up one of London’s most exclusive and grandest family home for a reported £40million to add to their collection. This contributes to the expansion of the Al Thani sponsored development of a Qatari enclave increasingly being referred to as “Little Doha”, all of which is centred around the beautiful Dudley House. In fact, the Qatari royal family’s growing London property portfolio is estimated to be worth in excess of £11 billion now and includes famous landmarks such as Harrods, the Shard and even the US embassy on Grosvenor Square.
Increased confidence for First Time Buyers
First-time buyers are also feeling positive about the electoral results as the new Conservative government says it is committed to building new homes using brownfield land. Reportedly up to 200,000 new homes are to come to market at a 20% discount for first-time buyers under 40.
Also a proposed new Help-to-Buy ISA is intended to help young buyers save for a deposit via a “bonus” scheme, where for every £200 saved for a first home, the Government will top it up with £50. The Government will contribute up to a maximum of £3,000 via this scheme.