Property News: Central London, Baker Street, Marylebone, Regents Park, Bayswater, Knightsbridge, St John’s Wood, Hyde Park & Mayfair
This year the residential property market in prime central London has so far been a game of two halves. At Manors, Marylebone’s longest established estate agency, the year started briskly with a notable increase in activity as buyers raced to snap up properties for sale in W1, W2 and surrounding areas before the Stamp Duty Land Tax increases came into effect in April. However, as expected, by March demand had slowed down and market activity and sales volumes have tailed off since then.
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2016 has got off to a flying start at central London estate agency, Manors, who has reported a 20% increase in the number of tenancies agreed compared to the same period last year.
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Marylebone’s longest established independent estate agent, Manors, has in-depth knowledge of the central London lettings market in W1, W2, NW1 and surrounding areas. Here Ross Harvey, Manors’ Residential Lettings Manager, summarises the recent changes in legislation to affect London lettings and explains their impact on landlords.
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Ross Harvey, Residential Lettings Manager at Manors, Marylebone’s leading independent estate agent, discusses the likely impact of the recent summer budget on the housing market.
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“There’s never been a better time to let your property in Marylebone this year,” says residential lettings and property management specialist, Manors, the area’s longest established independent firm of estate agents. Indeed, the residential lettings market in Marylebone is currently following an upward path, with tenant enquiries at Manors up 17% compared to last year and demand in the second quarter of 2015 a whopping 58% higher than the same period in 2014.
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This year’s Budget brought with it changes to Stamp Duty Land Tax and Capital Gains Tax, along with the extension of Annual Tax on Enveloped Dwellings. Here Paul Sellar, Director of Manors, summarises the new measures and discusses their likely impact on the property market in prime Central London.
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Chancellor George Osborne presented the Autumn Statement to the House of Commons on 5th December. Here Paul Sellar, Director of Manors, summarises the key points and examines their likely impact on the central London property market.
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Welcome to your all-new, exclusive, Marylebone magazine...
Please take a moment to look at our magazine, mlife, which highlights all the essential lifestyle information for Marylebone.
In the same way that Manors has earned a reputation for providing the highest levels of service in the central London property market, so our magazine aims to offer an authoritative and unrivalled guide to Marylebone life.
With regular Shopping and Events sections and a mouthwatering round-up of Marylebone's restaurants, we are hopeful there is something here for everyone.
And then there is fabulous property.
There remains a high demand for homes in this area, of course, and we are regularly in contact with wealthy buyers prepared to pay the best prices for properties in Marylebone.
If you would like a market appraisal of your own property, now or at any time in the future, please do get in touch with one of our team.
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December and January have been very busy months at Manors and the company is pleased to report some incredible sales achievements on behalf of our clients, both in Marylebone and in surrounding areas.
Please click the link above to download Manor’s Quarterly Market Update, where you can find out about our hot properties of the week: for Sale and to Rent, as well as:
- Selling price analysis summarising
Advertised homes for sale in London’s W1
Postcode as at 29th January 2013
Provide an indication of current prices in Mayfair,Marylebone and surrounds
- Rental price analysis summarising
Advertised rents for homes to let in London’s W1
Postcode as at 29th January 2013
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Back in March, the Chancellor increased Stamp Duty Land Tax (SDLT) on properties worth over £2million to 7%, or 15% for the same properties bought by a “non-natural person” (largely non-resident companies, partnerships with a corporate member and collective investment schemes). This effectively closed a loophole which had enabled individuals to buy property via companies perfectly legally in order to avoid paying SDLT. He also announced a consultation on the introduction of an annual charge on residential properties valued at over £2m owned by “non-natural persons”, known as Annual Residential Property Tax (ARPT), and an extension to the Capital Gains Tax (CGT) regime.
The new SDLT rates came into immediate effect (see Appendix I for details), however the lack of detail surrounding the other proposed changes caused a great deal of uncertainty in the prime property market amongst both owners and potential purchasers, particularly for developers, investors, trusts and property companies. Unsurprisingly, this had an impact on the £2 million+ property market in 2012 as potential investors, in many cases, decided to sit tight and see what happened, to the frustration of vendors who, pre-budget, would have expected their properties to be in great demand with overseas investors and achieve high selling prices.
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