Black Brick’s Founder and renowned London prime property buying agent, Camilla Dell has been interviewed for a new piece in Property Investor Today this week.
As the news breaks over the latest Chancellor announcement to increased stamp duty tax on UK properties for overseas buyers, Camilla has shared how and why this change will affect the property market for buying agencies like Black Brick.
“It’s unlikely to be the same as we’ve seen before, when typically, stamp duties have been absorbed into the market,” she said.
“There will certainly be some parts of the market that will be more vulnerable to the 2% surcharge from April 1 and will see prices come down in line with the increase. This includes high-density new-builds in secondary/tertiary parts of London which are very much focused on the overseas buyers’ market, for example Battersea Power Station, Canary Wharf and Lillie Square.”
Reflecting on whether the surcharge will dampen overseas investment in Britain, Camilla shared: “It’s difficult to remember the last time a client asked about what impact Brexit is going to have on the London property market, so we feel this is less of an issue this year,”.
“What we’re seeing is the really serious buyers coming through; gone are the window shoppers, so what we’re seeing are committed and serious domestic and overseas buyers which is really positive,” she continues.
“Despite the current lockdown and new travel restrictions, overseas buyers will still be coming to the UK looking for purchases, including from countries such as the US. The pace at which Black Brick has signed new clients so far this year is extraordinary and a sign that appetite for London property is still strong. Since January 1, Black Brick has acquired six new clients – four from overseas (including the US and Africa) and two from the UK.”
Read more in the full article here.