In the hours after it became clear that the Tories had won a majority government at the general election, London estate agents reported a surge in luxury property sales as buyers’ fears over Labour’s proposed mansion tax were allayed.
Over £100m worth of top-end central London property was sold on a frenzied Friday as estate agents worked through the night to deal with the renewed interest from wealthy buyers.
“I’ve had correspondence last Friday and over the weekend with some 70 clients and other property contacts and all of them have said to me that the luxury London market is now “back in business”, especially with the mansion tax and non-dom worries now blown out of the water due to the resounding win by the Conservatives”, explained Peter Wetherell, chief executive of Wetherell.
The Mayfair estate agent, currently processing £29m worth of offers made on Friday, is expecting a “new wave of luxury sales and new instructions coming onto the Mayfair and wider West End marketplace.”
Wetherell was far from the only estate agent to benefit from the mini buying boom as the London luxury market enjoyed one of its busiest days since the day before reforms to Stamp Duty, which placed higher taxes on properties costing more than £975,000, were introduced last December.