The real estate London market is souring as UK politicians strike into a mood of public resentment with increased tax and rhetoric playing up their own humble origins.
According to Anthony Constantinou “Prices in prime locations, such as Mayfair and Kensington, would become less in next year after a slowdown in market and coalition government budget that included a proposed “mansion tax”.
In last month Gordon House has sold in high asking price of 75 million pounds. It was bought for closer to 65 million. In British politics, Personal growth is a discordant issue while many people in the country suffer under austerity measures. The opposition party emphasized that state-school background included Primrose Hill home of worth 1.6 million pounds.
The budget introduces a 15 percent rate of stamp duty for purchases of more than 2 million pounds of homes through any real estate firm. It also constitute plans to levy an annual charge on properties worth more than 2 million pounds and extend capital gains tax to include foreign buyers who buy property through various real estate firm. The government hopes to oblige the incriminate prices from next year. The time period of consultation period ends, but uncertainty has put a brake on the market, particularly for homes having cost higher than 2 to 5 million pounds. These property buyers tend to pay the extra taxes.
Many buyers are sitting on the fence until the picture clears, said by Damian Bloom, the expert of tax affairs. Individuals are waiting for slowdown in the market, however, it would be acknowledged by those who argue that the chasm in living standards is morally revolting and aggravating a shortage of properties in London.
Many areas in London have become prohibitively expensive for local residents and most of the luxury flats and apartments remain empty and treated as lucrative investments. At the time of the Olympics, demand of properties, accommodation and transportation is always increase. Real estate and industry experts expect that the market will change its strategy of being profitable. It means that there will be numerous properties that would be vacant and reliant on occupants. Records of Athens and Barcelona give the best example of plunge in real estate, after the respective international event.
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