It has been particularly buoyant in May with competitive bidding on the best presented properties, according to Lucy Morton, senior partner and head of lettings at the firm.
‘The top end of the market remains particularly active due to the shortage of family houses and the ever increasing demand as families seek to get settled before the summer holidays and new school academic year,’ she said.
She also explained that the firm is being approached by more and more landlords outside of prime central London where it operates who want to tap into the demand. As a result it has launched its first ever country house let, Hoe Farmhouse on the Hascombe Estate in Surrey, a 16th century property in its own private grounds that was formerly occupied by Sir Winston Churchill in 1915.
‘The continued growth in the number of high net individuals around the world has substantially increased demand for super prime properties, particularly in and surrounding London,’ she added.
Meanwhile, on the sales side realistic pricing is the key to selling, according to Richard Barber, partner in residential sales at W.A. Ellis.
‘The sales market is clearly active and international interest in the London property market continues in spite of the criticism of sharply rising stamp duty. It’s worth noting that London remains considerably less expensive than many other world cities even when stamp duty and transaction costs such as solicitors’ and surveyors’ fees are taken into account,’ he said.
‘For example, a £2 million flat will cost £100,000 in stamp duty, and the related costs will be between £6,000 and £7,000. By contrast in Melbourne, the associated costs of a similar purchase would be £117,000, and in Singapore and Hong Kong costs rise to over £300,000,’ he explained.
‘Stamp duty is charged at 7% on properties worth in excess of £2 million and charged again if one invests within a corporate entity, yet for majority of overseas purchasers, London remains a sound financial investment,’ he added.
