New data suggests that prime London property prices will climb by 3 per cent to 5 per cent over 2015, while rents across the same zone are predicted to rise by 10 per cent reports propertywire.com
Data from estate agent Marsh & Parsons predicted that London property prices were likely to slow in the run-up to the general election, due to uncertainty over the outcome – and by extension concerns over changes to property tax.
While the last 12 months saw prime London property prices rise by a substantial 11.4 per cent, the estate agent data suggested that overall house price growth will amount to 5 per cent in 2015.
“Modest and Orderly Pace”
In the article Peter Rollings, chief executive officer of Marsh & Parsons, said: “After touching the brakes in recent months, property values will continue to climb steadily again in 2015, albeit at a more modest and orderly pace.”
Rollings said that now the market had adapted to tighter affordability measures (mortgage market reform, or MMR), buyers are “more motivated than ever.”
Some would-be buyers are waiting until the general election is over, at which time “question marks surrounding additional property taxes [will be] erased,” said Rollings.
Properties Awaiting Sale or Rent
Uncertainty over the outcome of the election may reduce interest from both tenants and buyers in the run-up to May. In such circumstances properties awaiting sale or let are more likely to be left vacant for extended periods of time, in which case specialist unoccupied property insurance would provide the protection that regular insurance policies cannot.
For those who find themselves with a property awaiting sale, let, completion of a renovation, or the outcome of probate, Click4Quote.com provides specialist unoccupied property insurance. Find out more and get a quote online today.