Buying agency Black Brick says investment in prime London’s lettings sector remains buoyant despite the imminent three per cent stamp duty surcharge.
“We’re talking to dollar-based investors in the Middle East who are looking closely at London again and there is little sign of its perennial attraction fading among international high-net worth investors” says the agency’s managing partner Camilla Dell.
“Saudi Arabians are particularly active as the wish to get their assets out of the country in light of the recent instability” she says.
She says rising rents will help offset the additional stamp duty, although she concedes these additional transaction costs may make the market more attractive to institutional investors.
“Although we continue to see a drop off in ‘trophy home’ [over £10m] buyers, particularly from countries like Nigeria and Malaysia, who are affected by the drop in oil price, we are busy with clients with budgets of £500,000 to £2m. We are also busy with clients looking to invest in commercial property, rather than residential, during the current difficult market” explains Dell.
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That will most certainly please the high end property developers and realtors. Malaysians might not buy as much as they did before, but Russians still do. The number of wealthy Russians relocating to London is ever increasing. They are now buying trophy homes like hotcakes. With Putin on power, we don't have to worry who's gonna buy London's elite homes ;)
Rosie Cozy | Expert cleaning in Acton
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