Page 3 - Glentree Magazine Autumn 2018
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welcome back... to the latest version of the Glentree Review magazine.
With all the confusing press coverage on the state of the residential property market, the problems associated with Brexit and mortgage interest rates swirling, you are probably wondering what on earth is going on. Allow me, please, to elucidate.
THE LOCAL MARKET BETWEEN £ 1m and £ 3m
Yes, values have dropped between 20% and 25% from the halcyon days of 2014, but paradoxically there is more liquidity in this sector, this year than last, with sales taking 3-5 months versus 9 months, hitherto. Asking prices are critical for a successful sale and frankly, they should not be greater than 5% of value. Over- zealousness here, will be rewarded with few offers,
if at all and not many appointments to view.
expensive properties in London are becoming, ‘uber tenants’. They’ve been willing to pay up to £ 50,000/ week to rent landmark properties, rather than to purchase same, since the cost of doing the latter could amount to 20% of the purchase price. Effectively, this way, the rent for 5 years is free and their capital is not tied up.
The rental market sector from £ 500 to £ 1500/week is reasonably buoyant, but still quite liquid with more tenants than properties to rent.
We handle 90% of the notable rentals in the locality and our Global reach has proven to be an essential tool, enabling us to procure blue-chip tenants for
our landlords.
NEW HOMES
The New Homes market has been subdued for a number of months and perhaps this now presents a golden opportunity to find a state-of-the-art, newly built home, with all the advantages of modern technology,
at incredibly affordable prices. Whether this be for the future a home or a buy-to-let investment, there cannot be a better time than now, to secure a purchase. If you are sitting on a cash wall wondering when the best time is to jump, then maybe this is your moment.
We consider ourselves the ‘Savile Row’ rather than ‘Primark’ of estate agents, since we pride ourselves on our old fashioned, bespoke personal service and we distance ourselves from other local estate agency chains, which are impersonal and somewhat akin to ‘sausage factories’.
We are the longest established agents in your locality and we understand every nuance of the area, which means that we can pinpoint values very accurately.
We can handle every type of property from Cottages to Castles and we regularly procure tenants/buyers, not only locally but from the major capitals of the world.
Success, to us, is that you are not just happy with the destination, but that you should also enjoy the journey a long the way.
We deliver on our promises and if you have not used us before, please take a leap of faith and give us a try.
We think you will not be disappointed.
We are at your service!
Trevor S Abrahmsohn
Managing Director
 This market is influenced by mortgage interest rates and certainly not by the outcome or the uncertainty of Brexit.
THE LOCAL MARKET BETWEEN £ 5m and £ 10m
The market here is far less liquid than before and
more influenced by the fortunes of the Stock Market, mortgage interest rates and Stamp Duty, than any ramifications of Brexit. With SDLT charges at between 12% and 15%, this is still a substantial psychological impediment to purchasers, even though values have dropped by at least 25%, over the last three years. Nevertheless, activity has picked up markedly in the last two quarters of this year.
THE MARKET ABOVE £10m
Changes to Stamp Duty, non-Dom residency arrangements and the value of Sterling against the
Euro and US Dollar, are the key influences in this sector. No buyer in this range really cares about the outcome
of Brexit, save for the fact that if, in the unlikely event that there is a ‘no-deal Brexit’ and the pound is at
parity with the US dollar, I anticipate that International purchasers will come flocking to buy properties in the UK. Frankly, the spectre of an extreme left-wing, Corbyn government, will hit this sector very hard indeed, where I anticipate that there will be a flight of capital from the UK, plummeting Stock Market, and there will be 30 sellers, to the one buyer of residential property.
What is relevant, is that we have sold £ 371m worth of property in this price range, of which 50% is due to the depreciation of Sterling against the other currencies. One sale in particular, was the largest in London this year.
NEW HOMES
Tel: 020 8731 9500 Fax: 020 8209 0307 Email: newhomes@glentree.com
 GLENTREE INTERNATIONAL
698 Finchley Road London NW11 7NE Tel: 020 8458 7311 Fax: 020 8209 0307 Email: sales@glentree.com
RENTALS
Tel: 020 8209 1144 Fax: 020 8209 0307 Email: rentals@glentree.com
RENTAL MARKET
The draconian Stamp Duty hikes are distorting the market, such that some of the International buyers of
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 2018. 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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