Jeff Bathija, Area Manager at Andrews comments on the London property market and what the Conservative government means for buyers and sellers.
Watch the video:
Here is a summary of what the Conservatives have pledged to in their manifesto:
- No mansion tax
- No changes to stamp duty or council tax
- Introduction of a new Help to Buy ISA
- Raising of the Inheritance Tax threshold to £1m
- Extend the "Right to Buy" to 1.3m housing association homes in England
- 200,000 homes built for first-time buyers aged under 40, at 20% discount
- Create a £1bn brownfield regeneration fund to unlock sites for 400,000 homes
What can you expect if you’re looking to buy or sale a property in London?
Last year most property sales in London involved flats which sold for £460,851 on average. Terraced properties sold for an average price of £594,166, while semi-detached properties fetched £560,744. During the last year, sold prices in London were 10% up on the previous year and 23% up on 2012 when the average house price was £434,686.*
If you need help or simply some advice with buying or selling your property in London please <a target="_blank" href="/branches">contact your local branch</a>, they’ll be happy to help.