Last updated: October 11, 2018
With an uncertain economic outlook, the unknowns of the next few years may require shrewd decision-making and expert advice.
With some of the highest real estate values in the world, the London housing market has been an attractive prospect for investors. But the last three years have not been kind to UK homeowners, particularly in the high-end London prime property market.
A number of factors have contributed to a decline in prices and sales volumes, including recent changes to the Stamp Duty Land Tax — a land transfer tax — and ongoing Brexit uncertainty. For a market that had seen prices growing at nearly a double-digit rate since the 2008 recession, it’s been a shock to the system.
“I think it is also fair to say that over the last two or three years it has softened on probably what we would term the higher end,” says Fiona Lucas, managing director, sales and relationship management at RBC Wealth Management in London.
The good news is that prices in the segment appear to be stabilising following a drop of nearly seven per cent in 2016.