The agents WA Ellis specialise in prime residential property in London. They commented recently (5th June 2013) that there is continued international interest in the London property market, despite recent rises in stamp duty.
A home costing £2 million in London will now attract stamp duty of a whopping £100,000. On top of this, WA Ellis reckon that the purchaser would probably pay professional fees of around £6,00 to £7,000 to experts like solicitors and surveyors. However, apparently this still leaves London as a popular destination because some other major international property markets are just as expensive and sometimes even worse in terms of buying costs. For example in Melbourne, Australia you would end up paying associated costs of around £117,000 on a £2m property. If you chose to invest in the Singapore residential market the same property would attract associated costs of £300,000. Most of our landlord insurance clients would expect to buy an entire property for £300,000!
Even in London, sellers must not be over-ambitious. Richard Barber, partner in residential sales at WA Ellis advises sellers to be realistic in pricing their properties, especially in the family home market. This echoes what other agents have been saying outside London. Presentation is another thing that is very important if you are to do your property justice.
Many of our clients will be thinking about adding to their portfolios at the moment, taking advantage of the availability of credit we have been hearing about recently. Most seem to favour provincial towns and London suburbs rather than the heady atmosphere of prime London real estate. Wherever you chose to operate as a buy-to-let landlord, researching your market is a key factor in successful investment.
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