Wednesday 30 March 2016

Top of the market of the (London housing) market? - part 7

Friends, readers and contacts who know me well know that I called the London property market right in 2007 (the last top) but ever since then I have called it wrong - as in, I still don't own a London residential property/house/flat.

So, for good reasons I have deliberately avoided prognosticating on what might happen with the London property market.

However, a friend gets in touch with some interesting views from his property expert contact (when I say expert, I don't mean just any random middle class Londoner who owns a property). 

I have pasted the "expert" insight below: 

"In the past couple of years the following things have happened or are happening in the residential property market: 
- Higher stamp duties for more expensive houses. This has already contributed to falls of up to 20% in the £2m-£5m bracket, according to anecdotal evidence.
- Annual Tax Enveloped Dwellings ("ATED") - the annual levy for residential property held in non-natural vehicles, introduced a couple of years ago. Originally attached to properties worth £2m+, now reduced or reducing successively to £1m and then £500k. Lowest original band started at £15k pa. but already 50% higher. Top current annual charge for value over £20m is something like £215k. Hits foreigners hardest – anyone wanting to transfer a property out of a company into personal names has to pay stamp based on market value. There is also now a special stamp rate of 15% if property acquired by a vehicle.
- Any disposal of UK property now subject to CGT. In the case of foreign ownership the base valuation is as at April 2015 (or thereabouts) - not original acquisition cost.
- From next April IHT will operate on a look-through basis – so non doms can’t leave shares of an offshore company that happened to own UK property to heirs without any UK tax consequences.
- From next month another 3% stamp on second homes and buy to let, which also recently lost tax relief for interest on borrowing.
- New Bank of England rules make it much more difficult and expensive for buy to let landlords.
- Brexit: it is estimated (by MigrationWatch) that a vote to leave the EU will reduce net migration to the UK by 100,000 per year, cutting the current annual housing requirement by 40%. The majority of that demand is in the South East (Town and Country Planning Assoc figs)."


The note concludes:

"Call me a fear-monger, but I think that all these could combine to create a property price correction of quite significant proportions."

4 comments:

  1. “LOVE, Happiness, Care is the key to LIFE”. That was the word from Dr happy when I consulted his powerful Love Spell. I married the wrong man; I realized that after Three years of our unfruitful marriage. Everything was going from Best to Worst in our life, no child, I got demoted from work after our marriage, my husband was sacked a year after. His application for new job in various offices was constantly declined even though he was qualified enough. I was made to take care of my family with the low income I earn get that wasn’t enough to pay our rent. We keep praying a seeking for help from some people, my friends laugh at me behind because I was advised not to get married yet.It was one Thursday night that my husband woke me up and told me that has thought enough about our crisis, he said that our crisis is not ordinary and it’s beyond our spiritual level. He suggested we should consult Dr happy from testimonies he showed me online about how he has been helping families. I was afraid, I don’t like evil or spell but I supported him to contact him if he can help us. We consulted him via happylovespell2@gmail.com and he replied positively after 20munites with congratulating email that he can help us but he will need our pure heart and trusts in his work if he will cast the spell on us and purify our life. We agreed to his terms. He cast the spell and told us to expect results within 5days. I waited for three days nothing happened, so I started having doubt and blaming my husband for emailing Dr happy. It was on the fifth day that my husband was called for an interview and he got a well-paying work, I was prompted to a higher position. I missed my period on the 5th day and it was confirmed that I am with a baby. Things have really changed for us for good and we now have our own house and cars. I will never forget what Dr happy told us “LOVE is the key to LIFE”, this word keep me going. People that laughed at us are coming close for help and I am delighted to welcome them because my family is now blessed. Dr happy is a savior and man that keep to his word even when I doubted his powers at the end of the spell. Thank to your Oracle for helping us via happylovespell2@gmail.com

    ReplyDelete
  2. How I Was Rescued By A God Fearing Lender (Lexieloancompany@yahoo.com)

    Hello,

    I am Andrew Thompson by Name currently living in CT USA, God has bless me with two kids and a lovely Wife, I promise to share this Testimony because of God favor in my life, 2days ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be loan lender not knowing he was a scam. he collected 1,500.00 USD from me and refuse to email me since then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to LEXIE LOAN COMPANY, she said she was given 98,000.00 USD by MR LEXIE , THE MANAGING DIRECTOR OF LEXIE LOAN COMPANY. So I collected his email Address , he told me the rules and regulation and I followed, then after processing of the Documents, he gave me my loan of 55,000.00 USD... So if you are interested in a loan you can as well contact him on this Email: Lexieloancompany@yahoo.com or call +14069460675 thanks, I am sure he will also help you.

    ReplyDelete


  3. GOD BLESS THE DAY I CAN BE-LIVE THIS WHAT DR AGUN HAVE DO FOR MY LIFE

    Hello my name is GLORY FRED from USA, My life is back!!! After 8 years of marriage, my husband left me and left me with our three kids. I felt like my life was about to end, and was falling apart. I contacted you and after I explained you my problem. In just 3 days, my husband came back to us and show me and my kids much love and apologize for all the pain he have bring to the family. We solaed our issues, and we are even happier than before you are the best spell caster Dr AGUN i really appreciate the love spell you castes for me to get the man back to my life i will keep sharing more testimonies to people about your good work Thank you once again at ( agunspelltemple@gmail.com )



    ReplyDelete
  4. Are you having a hard time searching for a way to get your ex partner back, look no further, this was how i got mine back you can get yours today. My husband and I have been through every top reason for divorce; financial struggles, bankruptcy, stressful jobs, becoming parents when we weren’t ready (neither one of us would give our kids back just the amount of stress is overwhelming) we fought ALL the time over anything and everything. I threatened divorce all the time. One day after a fight I said I was done and filling. He told me he wasn’t in love with me anymore. After a day or two of cooling off I realized that divorce is not what I wanted. No, our marriage was not healthy but we had so much going against us an neither one of us were trying. I begged for him to forgive me and that I didn’t mean it. He told me he loved me but wasn’t in love with me anymore. Those words hurt and I believed him.One day i was online for tutor, as i was browsing i saw a review about a spell caster who could solve my problem, i have heard about spell casting, and magic, i said i should give it a try i contacted the spell caster his name is Dr Ewan of {covenantsolutiontemple@gmail.com}, i contacted him and he told me not to worry that all he had to do for me is a love spell, he did it and told me that i should give my husband 48 hours and that he would realize him self, i waited anxiously and one the second day of casting the spell, he came to me and told me he was sorry for the wrong he did to me, he has agreed to send me to school and we are happy. Thank you Dr Ewan you are the best. If you have any marital problem, winning of lottery and many other problems you can contact him on his email, {COVENANTSOLUTIONTEMPLE@GMAIL.COM} or call his mobile number +2347052958531, he is a good and kind man. Thanks. ELIZABETH STRONG LONDON UK

    ReplyDelete