{"id":26149,"date":"2016-09-14T22:33:16","date_gmt":"2016-09-14T15:33:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-sellers-get-message-and-rush-to-slash-prices\/"},"modified":"2016-09-15T11:40:16","modified_gmt":"2016-09-15T04:40:16","slug":"luxury-london-home-sellers-get-message-and-rush-to-slash-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-london-home-sellers-get-message-and-rush-to-slash-prices\/","title":{"rendered":"Luxury London home sellers get message and rush to slash prices"},"content":{"rendered":"


\nSellers of luxury homes in London are lowering asking prices as the effects of the Brexit vote, political uncertainty and high taxes sink in amid sliding demand.The number of owners cutting prices for prime homes in the capital jumped 75 per cent in the 10 weeks following the June 23 vote compared with the same period a year earlier, according to data compiled by the researcher Lonres. There was a 33 per cent increase in the 10 weeks preceding the vote, the data shows.Vendors were already contending with sales tax increases to as much as 15 per cent for the costliest homes when the June 23 vote to leave the European Union sent a shudder through the London property market. Values for properties in Chelsea and Knightsbridge declined 8.9 per cent and 6.8 per cent from January through August compared with a year earlier, the estate agent Knight Frank said this month.”The real damage was already done over the past year, with stamp duty hikes and the 10 weeks after June 23 was when sellers had to get real about pricing,” said Roarie Scarisbrick, a partner at Property Vision, a broker that advises prime-home buyers.Prime central London properties sold since the vote have achieved an average of \u00a31,784 (Dh8,641) per square foot, or 3.8 per cent less than in the same period a year earlier, the data shows. Sales fell 42 per cent in the 10 weeks after the vote and new instructions dropped 25 per cent, according to Lonres.Countrywide, the country’s largest estate agent, expects values for properties in prime central London to fall by 6 per cent this year. That compares to a 3.5 per cent increase for homes in Greater London, according to the broker’s estimates.The slump is hurting developers, with sales of London homes under construction dropping 34 per cent in the second quarter. The number of residences sold before completion fell to about 4,600 from 6,974 a year earlier, according to data compiled by the researcher Molior London seen by Bloomberg News. Molior declined to comment.The 10-member Bloomberg UK Homebuilder Index fell as much as 1.3 per cent in London trading. The index is down about 22 per cent this year. Redrow led declines falling as much as 2.6 per cent.There was a 3 percentage-point increase in the stamp-duty sales tax for landlords and second-home owners in April, which followed an increase in charges for all luxury-home purchasers in 2014. For owner occupiers, that hike means that a 12 per cent tax rate is paid on portions above \u00a31.5 million.business@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Luxury London home sellers get message and rush to slash prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sellers of luxury homes in London are lowering asking prices as the effects of the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-26149","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6NL","jetpack-related-posts":[{"id":23189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-homes-at-bargain-basement-prices-post-brexit\/","url_meta":{"origin":26149,"position":0},"title":"Prime central London homes at bargain-basement prices post-Brexit","date":"August 17, 2016","format":false,"excerpt":"\r Price cuts of nearly 20 per cent and a drop in the value of the pound have created \"Brexit discount\" bargains on some of the most expensive homes in central London - if you have millions to spare.The UK property market was one of the first sectors hit by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43391,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-tumble-in-londons-most-expensive-neighbourhoods\/","url_meta":{"origin":26149,"position":1},"title":"House prices tumble in London's most expensive neighbourhoods","date":"February 8, 2017","format":false,"excerpt":"\r Home values in the Bayswater district fell 14 per cent in the 12 months through January, the biggest drop in central London's best neighborhoods, as sellers cut their asking prices in the wake of the Brexit vote.Values dropped by an average of 6.7 per cent across the capital's best\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24629,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-prime-office-market-frozen-as-sellers-refuse-to-lower-prices\/","url_meta":{"origin":26149,"position":2},"title":"London prime office market frozen as sellers refuse to lower prices","date":"September 1, 2016","format":false,"excerpt":"\r International investors seeking bargains in London's prime office market following the Brexit vote are being frustrated because sellers will not lower prices, according to Jones Lang LaSalle.That has brought the market to a standstill, which may last for up to six months, said Colin Dyer, the chief executive of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","url_meta":{"origin":26149,"position":3},"title":"London's top boroughs see prices plummet most in five years","date":"November 16, 2016","format":false,"excerpt":"\r Land values in central London's best districts fell 10.3 per cent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall.Banks are less willing to lend for site acquisitions and construction, fuelling the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33508,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-central-london-homes-fail-to-find-buyers-as-luxury-market-slumps\/","url_meta":{"origin":26149,"position":4},"title":"New central London homes fail to find buyers as luxury market slumps","date":"November 8, 2016","format":false,"excerpt":"\r The number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers' bets on rising demand for luxury properties will go sour.Homes being built without a buyer secured will reach 10,829, a 24 per cent rise from the end of last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64256,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/easing-demand-for-london-homes-keeps-prices-in-check\/","url_meta":{"origin":26149,"position":5},"title":"Easing demand for London homes keeps prices in check","date":"August 22, 2017","format":false,"excerpt":"\r London property sellers are reining in their expectations as demand for homes continues to ease and the slowdown across the market shows few signs of letting up. Asking prices in the city rose 1.6 per cent in August over the past year, Rightmove Plc said on Monday. While that\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26149"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=26149"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26149\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=26149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=26149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=26149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}