The major events in prime property for JuneWednesday, 20 June 2012 03:30
June has been a month of ups and downs for the prime property market in London.
Camilla Dell, from Black Brick Property Solutions gives us her list of the top events and trends shaping the prime property market for the month.
• Further details were released by the government on the annual ‘mansion tax’ and new capital gains regime on £2 million or more properties held by various "non-natural" persons.
• The sale of the Battersea Power Station for £400 million to a Malaysian conglomerate, alongside the acquisition of the St John’s Wood Barracks site for £250 million by another Malaysian conglomerate last year, demonstrates continued strength of Asian demand for London property.
• Currency advantage is becoming a less significant reason for overseas investment in London, whilst wealth protection and relocation remain the primary driving factors, caused by economic and geopolitical risk worldwide. Ironically the pound’s stability is now proving the pull that it’s weakness once did.
• Bricks & mortar continues to provide the solid and secure foundation for wealth that other asset classes do not.
• There is strong competition in the £5 million to £10 million price range, with prices in prime central London continuing to rise – a stark contrast to the wider UK market which remains lackluster.
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