Speaking in Estate Agent Today, Black Brick Founder reflects on what has been an incredibly successful time for our prime property buying agency.
“It has been an interesting year for the prime central London (PCL) property market. The increase in the volume of clients we are looking after this year compared to last year demonstrates the value that buyers are placing on having a professional to represent their interests in a challenging market.
We have seen a dramatic increase in cash buyers, with the number of cash buyers doubling year on year. This demonstrates that for many high-net-worth buyers, the use of finance is discretionary. The pivot to cash was inspired by interest rates, which jumped from 0% in 2021 to 5.25 per cent today. When interest rates were low even some very wealthy high net worth buyers used mortgage finance, mainly because it was a simple way of protecting themselves from inheritance tax which is only charged on the equity you own in a property.”
Read more in the full article here.