Brooks Marshall is a private independent property agent specialising in acquisition and sale of prime real estate in the heart of Central London's residential and commercial property markets. Their...
Ollie Marshall from the firm said: “There has certainly been a significant reduction in turnover in the prime Central London market over the last six months. Factors that have influenced this have included movements in the foreign exchange markets leading to a stronger pound sterling, uncertainty surrounding the forthcoming elections and a proposed mansion tax, and lower interest rates and reduced leverage throughout the market in recent years, limiting selling pressure.”
Marshall added: "We are, however, taking a different view to our peers on the next year's market as we believe the risks associated with the election and the proposed mansion tax are overplayed.
“This, coupled with an ongoing reversal in the FX markets, will make London more attractive to dollar pegged currencies.
“Also, our belief is that the recent downturn is likely to have created a widening gap in the expected stamp duty receipts, and a more benign reformed council tax is likely.
“Whilst many are predicting a correction next year, we are advising clients to position themselves to take advantage of what we perceive to be a temporary soft patch before a stronger market returns in the mid to latter part of 2015.”