Contrary Views & Bullshit
Monday 11th April 2022
By Patrick Bullick
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Central London estate agents can be very good.
There is though, a certain type who simply try to talk up the market at all times - and it is pretty wearisome to those who genuinely want to advise clients, in that particular client’s best interest.
The pompous public-school types are easy enough to spot but there are more subtle operators some of whom are backed by big budget PR teams giving a veneer of plausibility.
Most buyers can see through the bull-shit however sadly, in their eagerness to achieve a record value for their own property, sellers do regularly fall for the hype.
Plus ca change !
What has changed though is - there are indeed some decent transactions happening – many quietly.
Despite the Treasuries best efforts to stifle the market with their monstrously high property transaction taxes, Stamp Duty & CGT being the main ones, there is at least some fluidity in the market.
The reason seems to be that there are contrary views as to which way property prices in Central London are heading.
The ratings agency Standard & Poors recently declared residential property in London and the South East to be overvalued by 50%.
Other commentators talk of 10% increases year on year in Central London - where values have only gone sideways since their peak in Q1 2015.
If some fear values will drop they may want ‘out’. Others seeing an opportunity want ‘in’.
Hey presto - a market !
In my Patrick’s Property Politics Christmas Card, I stuck my neck out and predicted Central London prices would finally start to rise this year.
At the end of Q1 the case is not yet proven but some signs are there.
We will look at this in more detail at the half year point.
In the meantime - back to work.
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