2010 was a remarkable year in the local property market with a surprisingly confident feeling amongst buyers and tenants. We saw rents and sale prices recover to the extraordinary levels of 2007, mostly underpinned by an acute shortage of available property in prime locations.
So what should we expect in 2011? Our sense is that it will be a stable year, perhaps a little less remarkable than those before it. But who knows what surprises our coalition government will pull out of the hat as the year unfolds? We already know that Stamp Duty will increase in April from 4% to 5% on sales over one million pounds; but we don’t anticipate this having a significant impact on transaction levels. What we do expect is that interest rates will remain at their record low for a little while yet which can only be good for buyers. The one thing we can predict with confidence is that Central London will remain the sweetheart of global property, both in terms of investment and as a place to live, so we look forward to another challenging but successful year helping anyone who wishes to get moving!
Director – Head of Sales, Mountgrange Heritage
Posted: 4 January 2011