The Autumn market has been dominated with the speculation of difficult tax rises. With the announcement on the 30th October, many of the expected tax rises and spending cuts came into fruition.
The Chancellor talked about restoring economic credibility and said that while the choices were not easy ‘they were responsible’.
We would say this is open to interpretation and only time will tell how responsible these tough decisions are, successful or not.
Relating to property matters, it was announced a change to the stamp duty threshold. This means that from the 1st April 2025 the current stamp duty holiday will end.
This announcement may encourage first time buyers to continue to take advantage of the holiday and we expect a surge of transactions at the lower scale of the property market through the autumn and winter months.
In a surprise move, the Chancellor also announced that from midnight of the 30th October 2024 stamp duty on second home purchases will rise from 3% to 5%.
Stamp duty was first introduced as a way to tax the more affluent households who bought property. However, over successive governments, it has become a lazy and easy target to tax everyone.
I think many people will not be surprised that this new government has decided to continue this trend. Those people waiting to buy in London will of course be frustrated by the rise of stamp duty, but is anyone really surprised? Motivated buyers and investors will continue to buy property in Prime Central London for economic and political reasons.
Finally, the budget announced that Capital Gains Tax rates on the sale of assets are set to rise.
However, rates will remain the same when disposing of second homes or investment properties which remains at its highest rate of 24%.
What does this all mean for the market and how has the market been performing?
We have seen an increase in properties coming onto the market especially in the upper price bracket of £5m plus with far more choice over the last decade. This market has been hardest hit with 47% less transactions than in 2023.
The market remains price sensitive, but good properties, at sensible and attractive prices, are selling.
We feel by the number of new applicants that have registered in the autumn period, there is still a good appetite for people to buy in Prime Central London.
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Eitan Fox
I started at Plaza Estates in 1986. Eleven years were spent successfully running the Marble Arch office. Subsequently, I was asked to take on the exciting challenge of running the Sales Department in our Knightsbridge office. I have built an experienced team with the ethos that local knowledge, hard work and professional service will always provide success to our clients. With ever changing technology of which Plaza Estates are at the cutting edge of, I have often been asked, with over 30 years in the business, how I retain my enthusiasm? I am delighted to say many of our multi million pound clients are genuinely my friends and I have a great passion for people. My staff and I never forget that this challenging industry ultimately is a 'Peoples Business'. Therefore I would welcome the opportunity to help you with your property needs and hope you will allow our fully equipped and motivated team to provide you with their professional assistance.
If you want 5-star reviews and want to remove negative reviews from Google, contact me via my profile; my contact details are listed there.
SM
Dear Eitan
In this whole sorry saga, with headbutting, unproactive lawyers, and a comatose estate agent etc etc, you have been a beacon of light throughout. Efficient, professional and responsive. This would never have got done without you.
Thank you.
All the best.
Maurice Shasha
We have been using Plaza Estates for many years for all our property requirements (sales, letting and management) and are delighted with the results and service they constantly deliver and provide!
KS
I generally dealt with the Marble Arch branch most of the time, but I can also say that the Knightsbridge office was also exceptionally helpful and professional on the occasions I did deal with them. Plaza Estates in general are excellent.
YZ
Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!
LI
I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.
SA
Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.
KR
We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza - they will find you a good tenant and ensure your ...
MS
Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years.
Thanks again for everything!
LT
Thank you for your kind help and your advice, it's been precious!
