Here at Engel & Völkers Chelsea we can say without any doubt that this year’s election results have had and will continue to have a positive impact on the London property market. According to the Telegraph, the luxury property industry has been revived by the outcome of this particular election, recording £1b in offers and agreed deals in the last week only.
As a result, London has become once again the top location in the world in terms of buying and investing in the property sector. Also, in the last week there has been a substantial influx of enquiries from UK based and international buyers and investors that are looking to buy luxury properties in London. Click here for more information on this.
We have included below a few positive points that have resulted after the election ending on the 7th May:
- No Mansion Tax implications
- No rent controls or mandatory landlord registration schemes
- No further changes to Council Tax or Stamp Duty for the foreseeable future
- No further austerity measures on Non-Domiciles
- Raising of the Inheritance Tax threshold to £1m
- Extension of the Help to Buy Equity Loan and Mortgage Guarantee schemes
- Introduction of a new Help to Buy ISA
The Team at Engel & Völkers Chelsea will be delighted to answer any further questions regarding opportunities of the London property market and is looking forward to hearing from you.
Luxury House (London) Ltd.
License Partner of Engel & Völkers (UK & Ireland) Ltd