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Yes I remember that comments made by Andy B.
What really needs reform is council tax, they are still running on historic valuations (1991 I believe)
Thus you have people in the same bands in vastly different properties.
I saw lower SDLT across the board and reform council tax to reflect today's values - and create new bands for properties over £1m for example...not punitive but fair/sensible. As you cant have someone in a £900K home paying the same council tax as someone in a £30m Kensington Villa!
Convb
You would have thought the various pressure groups ,RICS and NAEA would be getting their hands around the Govt throat to do something about stamp duty and inject some life into the London market by now
It should be an easy pitch as tax receipts are sure to increase by increased activity
2% of something is better than 5% of nothing
This is what Andy Buchanan "Mr Chelsea" the senior partner at John D Wood (CWD) had to say in 2018
https://www.spearswms.com/andy-buchanan-2/
"This is all part and parcel of what Buchanan calls the ‘unintended consequence’ of stamp duty. ‘Brexit is an excuse for people not to do something, but actually what’s behind it all is that there’s very little temptation,’ he says. ‘We’ve valued five houses this week, and of those five perhaps only two will go on the market.’ On the other side of it, Buchanan sees an increase in renting: ‘I’ve never seen anything like it.’
Looking at JDW Chelsea'S letting portfolio ,.it's mightily impressive , a worrying absence though of LET AGREED!
https://www.zoopla.co.uk/to-rent/branch/john-d-wood-and-co-chelsea-london-18858/
On the sales front a virtual desert still The latest being a 18% haircut on asking price to get it over the door
Dixons in the Midlands going great guns bagging plenty of instructions and sales .Carrying the burden of many of the costly London offices where H2 was a virtual desert
JDW Belgravia for example a sale free zone
Just 2 properties under offer and the last one was put on last June
https://www.zoopla.co.uk/for-sale/branch/john-d-wood-and-co-belgravia-sales-london-15652/
What London really needs is SDLT reform...perhaps with the majority Boris has it will happen in March...if it does London prime market will rocket
For anyone who reads/follows property it really is not news
No not news as CWD flagged up London dived again a further 12% in H1 What is apparent is that many branches have been operating at a SIGNIFICANT loss and have still been kept going escaping the axe
JDW Fulham Just 8 instructions with 1 under offer and that was put on last May
https://www.zoopla.co.uk/for-sale/branch/john-d-wood-and-co-fulham-broadway-sales-london-2683/
On positive note it means there doesnt need that much of an uplift to make these sing
Can only hope
This is not news...transactions have been at all time lows across London which started with SDLT changes in 2014, then Brexit referendum.
Sale inquiries and sale registrations are incoming everyday since election, as a result transactions are naturally ticking up...but it will take time
What has been clear is that some of the London offices havr been running on fresh air with a handful of sales and Instructions
Take Hamptons at St Johns Wood
https://www.zoopla.co.uk/for-sale/branch/hamptons-international-st-john-s-wood-sales-london-10798/
Grand total of 9 instructions -they must have been doing their proverbials Yet 4 of those have appeared this month after a drought . Seismic chanage