Homes One June newsletter: The Summer market & UK election 2024
The Summer market & UK election 2024
Fifty shades of grey
I cannot remember an election (or for that matter, a Summer) that has been so underwhelming so far!
The weather seems to resemble our politics at the moment; monotone, grey and lacking any light. Both the major parties have done nothing on Gaza, nothing for growth and seem to be burdening our country with more and more tax and red tape.
As ever, I am happy to report the London property market has stood firm despite all of this. In fact at Homes One we are having one of the busiest quarters in terms of agreeing deals and exchanges for some time, including a super prime off-market acquisition of 10m plus completing this week.
We live in one of a handful of cities in the world that people will always want to move to and live in - fact.
In terms of my clients and property taxes there is very little difference according to the manifestos and fears of a wealth tax and a big raise in stamp duty have been unfounded. The only pledge by both parties on stamp duty is to abolish them for first time buyers and add 1% for non residents - Phew!
I am writing this just as the Euros are starting in Germany; a victory there where England are favorites might just be the springboard we need…
Market update and outlook
A few points for your attention
The market is particularly price sensitive. If the price is right properties can attract multiple buyers; if not, even by a small margin, perfectly good properties are languishing on the market for months, so it’s important to get the right advice. Homes One can assist in managing this process for our clients.
For high end houses the market has stalled. Many buyers and sellers at these levels are waiting for more clarity from the election result. Whoever wins the changes to non-doms will affect this market most.
People buying holiday homes and pied-à-terres who are unaffected by the non-dom rules may find there are some good buying opportunities.
New instructions climbing. New instructions in April 2024 rose by 26.7% on an annual basis, which is 23.0% higher than the 2017- 2019 (pre-pandemic) average. Combined with lower transaction levels the stock of homes for sale is rising. At the end of April there were 10.5% more properties available to buy than a year earlier across prime London.
Deals are taking longer to conclude - this actually leads to more fall -throughs and gazumping.
As you can see from the report below we are hitting a point where it is becoming a buyer’s market again.
Social Purpose
Its growth is a positive force in society
I recently undertook a piece of work on social purpose. I wanted to make sure the values I have personally always are reflected in my business practices.
What matters to me?
Wellbeing and good mental health
Honesty and integrity in dealing with others
Peace and justice
Family
Service and helping others
What I realized while doing this, is that my work in finding people homes actually manages to fulfill most of the above. That’s why I love that part of what I do. A good home helps people find a sense of mental health, peace and family.
I believe children are the innocent casualties of war and economic mismanagement.
The charities I support also should reflect my purpose and values and I have listed some relevant ones below;
HOPING FOUNDATION
hopingfoundation.org
A charity helping young Palestinian refugees in Lebanon, Syria and Jordan providing educational and grassroots support.
SAVE THE CHILDREN
savethechildren.org.uk
Helping children get the future they deserve.
WARCHILD
warchild.org.uk
A safe future for every child living through war.
Concluding thoughts
As well as being primarily a buying agent, more and more clients are asking me to assist with managing their sales or lettings. The advantage of using me in this, is that you will have advice you can trust and I can manage the sales process and the task of appointing agents with no cost to my clients.
Please do get in touch.
My business is made on referral so please do pass details onto friends and colleagues for a free consultation and I look forward to welcoming you at my offices at 96 Kensington High Street W8.
Enjoy the Summer and the EUROS!!
Warmly,
Karim