Last Updated: 03/12/2014 17:09:22 Tags: News
The Chancellor, George Osborne, announced today in his Autumn Statement that Stamp Duty will be cut for millions of ordinary house buyers but significantly hiked for those at the top end.
Houses worth less than £125,000 will be exempt from stamp duty when sold, with rates climbing from 2pc for homes worth between £125,001 and £250,000, 5pc between £250,001 and £925,000, 10pc between £925,001 and £1.5m and 12pc above that.
The current system, where the amount owed jumps at each threshold level, will be replaced by a graduated rate, working in a similar way to income tax, from midnight.
For a £1 million property it will rise by £3,750, from £40,000 to £43,750.
At £2 million it will shoot up £53,750, from £100,000 to £153,750.
And for a £5 million home it will soar by an eye-watering £163,750, from £350,000 to £513,750.
Last Updated: 26/11/2014 08:53:24 Tags: News
The market in SW5 appears to have peaked in April / May this year with vendors who decided to sell at that time achieving record prices on their properties (in a few cases breaking through the £2,000 per sq ft mark).
The market, since then has, without a doubt, re-positioned itself. This has happened relatively quickly and buyers are now being much more considered about what they are prepared to offer on and the timeframe in which they are prepared to operate.
There seems to be various reasons for this; a strong pound, tightening up of the mortgage regulations, threats of a mansion tax and possible interest rate increases have all impacted on the market since the beginning of the Summer. With this, many buyers have adopted what would appears to be a wait and see approach and this has led to prices stagnating and in some cases falling.
This situation does, however, present various opportunities. The bargain hunter in search of a deal, the first time buyer who was put off by the rapid increase over the past couple of years, the seasoned investor picking the appropriate time to re-enter the market all can begin to feel greater confidence that a purchase now would offer better value than at any time in the recent past. For vendors, this slow down will probably solidify plans to sell as they become more aware that by doing so they won’t be missing out on further gains and in fact we have had several long standing clients opting to sell and to put their capital into other property investments outside of the M25.
Either way there will always be buyers and sellers and it is in these markets when a good, hands-on agent can really add value.
Last Updated: 26/11/2014 08:53:19 Tags: News
Acting for a long-standing client of ours and competing against a retained international agent, we were able to secure a cash buyer on a lower ground floor, two bedroom flat in one of Earls Court’s premier squares at a premium price. The whole transaction from first viewing to completion was achieved within a month - we then even successfully let the property for the new owner.
Last Updated: 03/09/2015 11:44:14 Tags: News
Hogarth Estates recently successfully negotiated the sale of a 2 bed, second floor property on Penywern Road. The flat itself was in need of refurbishment but provided the right buyer with an excellent opportunity to acquire a great flat in a good location and one that they could really stamp their own style on. This was an impressive deal for us because we won the instruction after it had been marketed and consequently mishandled by a larger corporate agent. We managed to find a cash buyer quickly, obtain a non-refundable holding deposit thus ensuring a fall-out was very unlikely and move smoothly through to completion