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welcome back... to the latest version of the Glentree Review magazine.
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Hello and welcome to the 2019 Summer/Autumn edition of the Glentree Review magazine.
The last year has been dramatic, to say the least, vacillating somewhere between revolution and circus and then revolution again. Not surprisingly, the ubiquitous ‘B’-word has caused turmoil in the political arena and shone a light on the murky, dysfunctional practices of ‘democracy’ in this country, which was once a shrine to the world.
Although the former Prime Minister, Theresa May must take responsibility for the Brexit negotiations, her current problems stem from the hapless 2017 election farrago. Abdicating her independent thought to the two goons - Nick Timothy and Fiona Hill - was never a good idea. The assumption that a legislative Behemoth like Brexit could be passed through the Commons with a minority government, was not just tragic, but reckless.
Whatever your views on the 2016 Referendum, there is an obvious disconnect between the will of the people and those in power; witness the Commons, Civil Service and CBI doing their fiendish utmost to sabotage Brexit. It’s easy to blame the PM, but I’m not sure that even Houdini, could disentangle from this ‘bugger’s muddle’.
The voters will extract retribution at the next election and so they should, since Parliament has dragged one of the oldest, most respected democracies through the midden mire.
Even with the spectre of Brexit hovering, there are still committed purchasers; transactions are going ahead, thanks to an outbreak of realism amongst sellers. Meanwhile, the eerie calm which descended in the first quarter of this year has been broken by the sound of phones ringing in Sales and Rentals and to this we say, hallelujah!
The £5m+ sales market is still sagging with over- supply and under-demand, despite the cheap Pound serving as an allure for foreign purchasers. However, other price ranges are trundling along nicely, with an equitable balance of buyers and sellers. As long as the latter group is reasonable, this activity should continue unabated.
Last year’s correction to the Capital Markets has brought much-needed stability. Most people still regard Residential property investment as the safest haven for their money, since interest/mortgage rates are fairly stable and inflation appears to be under control.
Rental activity has been brisk, with a surge of quality enquiries. Clients are finding that the great advantage of instructing us for sale or rent is that, since we are
a locally based, Global player, we are able to procure blue chip purchasers/tenants from far afield, not just the immediate area.
In fact , the last two years have delivered a bumper crop of rentals for Glentree. Former buyers of higher-value properties have morphed themselves into ‘uber-tenants’, since the Stamp Duty on a property for a five-year stay is the equivalent of rent for this period, without the need to lock up capital.
Once Brexit is put to bed, perhaps the Chancellor can tackle the Stamp Duty escalator, which has depleted the Treasury of £1billion a year in lost revenue and caused mayhem in the residential property world. This expensive idiocy was the folly of the former Chancellor Osborne and it is encouraging that the Chief Secretary to the Treasury, Liz Truss MP, has mentioned a possible review of this.
The really sinister prospect that we should be worried about on the horizon, is a Corbyn-led Labour Party. If this ‘motley crew’ were ever to gain power – Heaven forbid – we would all need to reconsider our position. It could be the end of the world, as we know it .
However, worry not, we may still have three years before the next General Election. A new Tory leader will inevitably emerge and let’s hope will be less unencumbered by the present administration’s Brexit baggage.
Having covered the foregoing, I believe the worst- case-scenario is already priced into the system and the immediate future outlook, for the residential property market, could be surprisingly optimistic and I expect a ‘steady as she goes’, if not positive outcome.
Ultimately, there is nothing to gain from stalling a move from your home. Your quality of lifestyle is more important and if you sell and achieve a slightly lower price, remember, you will also pay less for the alternative, since it is only the difference between the two transactions which really matters.
As ever, if you need us, we are always at your service.
Adieu!
Trevor S Abrahmsohn
Managing Director
This property magazine has been prepared for Glentree International by Purple Panther Publications Ltd, Unit 8, Wychwood Court, Cotswold Business Village, Moreton in Marsh, Gloucestershire, GL56 0JQ. Tel: 01608 812860 Email: info@purplepanther. co.uk Web: www.purplepanther.co.uk. Copyright Purple Panther Publications Ltd 2019. All rights reserved. No part of this publication may be reproduced,copied or stored in any way whatsoever without the prior written permission of the publisher. No responsibility will be accepted by Glentree International or Purple Panther Publications Ltd in respect of any product or service supplied by businesses appearing in this publication.
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