Optimism and confidence returned to the London real estate market

Another Agency UK – W. A. Ellis – confirmed that optimism and confidence returned to the housing market in London after many months of uncertainty , which was observed ahead of the General elections .

Company Ellis confirmed that in the first quarter of 2015, significantly reduced the volume of transactions in the luxury residential real estate market of London, On the risks of coming to power labour the number of transactions fell by 30% , especially the decline in sales was among the houses.

Now, when Conservatives are back in power, the real estate market in Central London returned to its normal state.

Richard Barber, Director of Ellis, predicts that in the coming time, the market will play the price drop in the next five years is expected to increase prices up to 20% . However, this year, price growth will be modest, as the market has not yet adapted to the change of the scale of Stamp duty, which took place in December 2014.

It is expected that the share of the loan in the mortgage loan more expensive than £1.5 million will grow by 12% .

Another trend of the housing market of the present time is the shortage of housing for the elderly. This is despite the fact that a huge number of elderly people in the UK takes up more space than they require, and, according to preliminary polls, about 55% of people older than 55 years would reduce the area of the dwelling, however, it made only 7%.

People are worried about their children , fearing that they will never be able to own their own home because of the high initial fee, and an exorbitant rate of Stamp duty.

These circumstances should encourage the government to focus on increasing the liquidity of the housing by receipt on the market of vacant space, reducing Stamp duty in the sector of affordable housing and mass construction of affordable housing.

® Helen Entree. G. 09.06.2015

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