Saturday, May 15, 2021

Slumping Super-Prime

Section:

Sales of super-prime properties in the UK fall by 86%

 

Yesterday, the property group London Central Portfolio released data that showed that sales of £10 million-plus properties in the UK had fallen 86% over the past year.

 

Blaming hefty Stamp Duty increases and Brexit uncertainty, the firm reported that just 5 “super-prime” properties had changed hands between June and August compared to a recorded 35 a year earlier. All of the sales in the period this year were in Central London whilst such properties accounted for just 30% of the figure in the year previous.

 

Top-end developers, whose sales accounted for 23% of the figure in 2015, were especially affected. They made zero sales in this price bracket in the period and now, according to Naomi Heaton, CEO of LCP, they are reworking their developments to create smaller, cheaper units.

 

Slumping Super Prime – Sales of super prime properties in the UK slump 86% in 2016 due to Stamp Duty hikes and Brexit uncertainty reports the London Central Portfolio property group – October 2016
Citygrove Securities PLC and McClaren Properties’ The Clearings development in Chelsea’s Milner Street is being reworked to include fewer super-prime properties

 

Of this, Ms Heaton commented:

 

“Many [developers are] looking to divide large, high-priced property into smaller flats to increase their attractiveness”.

 

Examples given by LCP include Clivedale’s Hanover Square development – where the scheme is being reworked to create four times as many units – and Citygrove Securities PLC and McClaren Properties’ The Clearings development in Chelsea’s Milner Street – where seven townhouses will be replaced with smaller properties.

 

Speaking more generally, Ms Heaton – who predicts the consequences of this development will be a £45 million fall in Stamp Duty receipts to the government – added:

 

“This slowdown in the luxury property market—a big contributor for the Exchequer and UK economy—is very concerning. As the government faces the daunting task of negotiating Brexit together with a potential slowdown in the UK economy, it should consider its strategy on residential-property taxation carefully to ensure it meets its objectives of increasing revenues”.

 

Stamp Duty on a £6 million property was £420,000 under the old system; it is now £633,750. On a £2 million property it was £100,000; it’s now £153,750 whilst in addition buyers of second homes and investment properties now have to pay an additional 3% surcharge also.

 

5e3b97728b2e4bf58c9ff7822befe328?s=96&d=mm&r=g
The Steeple Times
We research and background check our articles. If you believe we have made and error in some detail please get in touch, we seek always to write the truth and stand against a press owned by a self selected few. Please help us, we will accept all your likes, subscriptions and anonymous suport. The Editor and his team at the Steeple Times.

5 COMMENTS

  1. Serves all those greedy f**kers right!!!!!!!!!!!!!!!!!!! Bring on BREXIT!!!!!!!!!!!!!! You Brits finally did something utterly fab……….. I hope these wealthy European crooks lose all their money on their f**king Euro!!!!!!!!!!!!!!!!!!! Go Theresa May!!!!!!! Go wreck their lives!!!!!!!!!!!!

  2. Yes. Will be an interesting show to watch. Liquidation meltdown for those who saw UK as a long term safe property investment! Could see some hasty sales and exists!

    • Julie
      I assume you have no C.London property so take a vicarious delight in others experiencing misfortune.
      You do talk through your hat. There will be a slowdown but prime London property has always doubled every ten years. That is unlikely-despite your petty wish-to change

  3. Britains Brexit vote will now bring in George Orwell’s 1984 fascist regime! It is already beginning with the prime ministers Thresa May and her government of insiders. Only the insiders will know what is going on in the country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisement
Advertisement

Become a Patron of The Steeple Times

Independent journalism will only remain independent if it is supported by clear-thinking people like you. We each have the command to make a real difference. Join us.

2,632FansLike
2,068FollowersFollow
11,007FollowersFollow

Subscribe For DAILY NEWS

Please subscribe, like and share this very British site, it helps us grow. Your data is protected and The Steeple Times will send you an email at noon everyday that we rather trust you will enjoy.

Advertisement

Other Stories You May Enjoy

Moron of the Moment 2021 – John H. Cox – Bear abusing Republican wannabe Governor of California John H. Cox deserves to be sanctioned for his senseless stunt in San Diego.

Moron of the Moment – John H. Cox

Bear abusing Republican wannabe Governor of California John H. Cox deserves to be sanctioned for his senseless stunt in San Diego.
The Plotless Pillock Prince 2021 – Prince Harry should wind his neck in – Matthew Steeples suggests decidedly dim Prince Harry has well and truly lost the plot; he should heed the words of the equally ‘woke’ wally Lily Allen and finally “wind his neck in”

The Plotless Pillock Prince

Matthew Steeples suggests decidedly dim Prince Harry has well and truly lost the plot; he should heed the words of the equally ‘woke’ wally Lily Allen and finally “wind his neck in”
Menendez Take on TikTok 2021 – Erik and Lyle Menedez convictions – As the Menendez brothers case goes viral courtesy of their newfound TikTok supporters, it is time for their case to be reassessed and their convictions reduced to manslaughter suggests Matthew Steeples.

Menendez Take on TikTok

As the Menendez brothers case goes viral courtesy of their newfound TikTok supporters, it is time for their case to be reassessed and their convictions reduced to manslaughter suggests Matthew Steeples Brothers Erik and Lyle...
Nathan in November – Ghislaine Maxwell trial moved to 29th November – Ghislaine Maxwell’s trial before Judge Nathan moved to 29th November in spite of her crackpot lawyer claiming jurors won’t be fair to her because they will want to be home for Christmas.

Nathan in November

Ghislaine Maxwell’s trial before Judge Nathan moved to 29th November in spite of her crackpot lawyer claiming jurors won’t be fair to her because they will want to be home for Christmas.
Wisdom From Wales 2021 – Analysis of election results and Labour – Nikolay Kalinin delves into Labour success in Wales in the recent elections and suggests if the party wants to win nationwide they should pay heed to what went on there.

Wisdom From Wales

Nikolay Kalinin delves into Labour’s success in Wales in the recent elections and suggests if the party wants to win nationwide they should pay heed to what went on there.
Hoping v Helping 2021 – Sue Homan slams Michael Barrymore – Sue Homan “slams” deviant disgrace Michael Barrymore for not helping secure justice for her murdered ex-husband Stuart Lubbock.

Hoping v Helping

Sue Homan quite deservedly “slams” deviant disgrace Michael Barrymore for not helping secure justice for her murdered ex-husband Stuart Lubbock.
Fagin’s Bentley – Ex-Ron Moody 1961 Bentley S2 Continental for sale – 1961 Bentley S2 Continental drophead coupé owned by Golden Globe award winning actor Ron Moody – best known as ‘Fagin’ in ‘Oliver!’ – for sale for 329% more than it sold for in 2014 after restoration. Offered by Frank Dale & Stepsons for £295,000 ($413,000, €339,000 or درهم1.5 million).

Fagin’s Bentley

1961 Bentley S2 Continental drophead coupé owned by Golden Globe award winning actor Ron Moody – best known as ‘Fagin’ in ‘Oliver!’ – for sale for 329% more than it sold for in 2014 after restoration.
A Hiding in Hartlepool 2021 – Labour loses Hartlepool to the Tories – Nikolay Kalinin shares his thoughts on Labour’s electoral hiding in Hartlepool.

A Hiding in Hartlepool

Nikolay Kalinin shares his thoughts on Labour’s electoral hiding in Hartlepool.
Maxwell, McCann & Menendez… And Matthew Steeples – ‘The Steeple Times’s’ Matthew Steeples to answer questions live during YouTube premiere of his ‘Maxwell, McCann & Menendez’ interview with Shaun Attwood on Saturday 8th May 2021. Prince Andrew, Sarah Ferguson, Jeffrey Epstein, Ghislaine Maxwell, Robert Maxwell, Michael Barrymore, Stuart Lubbock, Terry Lubbock, Marie-Claire von Alvensleben, Rolf Harris, Stuart Hall, Max Clifford, Owen Oyston, Madeleine McCann, Gerry McCann, Kate McCann, Catherine Meyer, Sir Christopher Meyer, Luke Durbin, Martin Allen, Ben Needham, Jeremy Bamber, White House Farm, Lyle Menendez, Erik Menendez, Robert Rand, Hazel Thornton, Gavin Newsom, Mark Alexander, Terry Waite, Corey Feldman.

Maxwell, McCann & Menendez… And Matthew Steeples

‘The Steeple Times’s’ Matthew Steeples to answer questions live during YouTube premiere of his ‘Maxwell, McCann & Menendez’ interview with Shaun Attwood on Saturday 8th May.
Word of the Week 2021 – Going to the Polls – Fox v Binface – Susie Dent shares the fascinating origin of “going to the polls” just as Count Binface looks to get more votes than Laurence Fox in spite of the latter having a ludicrous £5 million campaign pot.

Word of the Week 2021 – Going to the Polls

Susie Dent shares the fascinating origin of “going to the polls” just as Count Binface looks to get more votes than Laurence Fox in spite of the latter having a ludicrous £5 million campaign pot.

Popular Articles From The Past

Weather

London
overcast clouds
14 ° C
15.6 °
12.8 °
71 %
1.5kmh
90 %
Sat
13 °
Sun
13 °
Mon
14 °
Tue
16 °
Wed
16 °