Tom Bill

Tuesday

Tom Bill

Is it time to take a close look at the prime London property market? Spectator Money investigates

From our UK edition

'It feels like 2010,' was the verdict last week of one seasoned operator in the prime London property market. What they meant is that after a period of uncertainty and restraint, the smart money is beginning to take a longer, harder look at the top-end of the London market. In 2010, the market was coming to terms with impact from the global financial crisis. In recent years, pricing has been adjusting to higher taxation, a political by-product of the downturn designed to address wider affordability concerns. However the stamp duty increase of December 2014 for £1 million-plus properties, which had the single biggest dampening effect on demand, is nearly two and a half years old. Or about the same age as the financial crisis was at the start of 2010.

Tuesday

Tom Bill

Don’t blame Brexit: the vote to leave the EU has had little effect on the housing market

From our UK edition

As a former property journalist I understand why the media uses Brexit to explain the performance of the UK housing market. Or even, at a stretch, Donald Trump. House prices are a national obsession, but a Brexit headline gives the story an extra dimension. Coverage of all three subjects is likely to intensify in 2017, as this morning’s Article 50 verdict reminded us, so it seems like an appropriate moment to examine how close the links are between house prices, the UK’s decision to leave the European Union and the new US President. First, let’s look at prime central London (PCL), where you would expect the biggest impact to be felt. Knight Frank’s PCL index recorded a -6.