Amenities at London’s most expensive new luxury housing developments are getting increasingly competitive. Just having a hotel-size pool, a spacious gym and 24-hour concierge service is no longer enough to attract ultrahigh-net-worth buyers.
Photos of Rory and Charlotte’s north London flat, listed for sale in April, show the period features, the natural light, the terrace. But, in almost every photo, curled on the bed, peering down the hallway or standing in the kitchen, is a silent observer: their black cat Dusty.
A few days ago, the British comedian Simon Brodkin went viral on social media when he asked some New Yorkers what they thought of Rishi Sunak. “Of who?” most of them replied. Oddly a few thought he was a DJ. “Techno DJ. Doof doof doof.”
This week alone I must have been sent a dozen invitations to champagne-fuelled property launches. The last time I was being sent this sort of invitation was before the financial crisis.
Property transactions are at a standstill, with the number of homes sold this year a third lower than in 2022. Buyers have seen their budgets slashed by the mortgage chaos while sellers’ expectations of what their homes are worth have yet to catch up with the current reality.
Non-domiciled status came into being back in 1799, in response to the growth of the British Empire around the world. It meant British subjects living in far-flung colonies did not have to pay taxes in the UK.
There were hopes that the Spring Budget 2024 could bring new schemes to help first-time buyers and surprising tax cuts.
Chancellor Jeremy Hunt promised that “building homes for young people” is a priority in his speech. But anyone hoping for the much trailed 99 per cent mortgage scheme, stamp duty relief for downsizers, or a Lifetime ISA penalty repeal to help London’s first-time buyers will go home empty handed.
The property industry seems underwhelmed by this year’s Spring Budget. Chancellor Jeremy Hunt set out a suite of tax tweaks and spending pledges, but stopped short of pulling any blockbuster moves.
Jeremy Hunt is preparing the next big outing for HM Treasury’s red box, limbering-up to make a suite of tax and fiscal policy announcements next week. His speech on 6th March will very likely be the last big Budget address before the next General Election – which means the Chancellor is more likely to pedal vote-garnering tax-cutting policies than in a less politically-charged year.
Nothing is certain except death and taxes,” Benjamin Franklin, the US founding father, once said. Labour may be ahead in the polls but the outcome of the general election remains uncertain.
Echoing other reports from across Prime Central London, buying agency Black Brick has reported its busiest January to date, with a flurry of deals and a book of clients with budgets ranging up to £25mn.
A staggering 71 per cent of buyers in prime central London chose to buy property using cash this year, according to research by the estate agency Savills.
