Arlington Residential has sold a total of £70 million worth of property this summer in an unexpected surge of buying activity in the Capital’s prime housing market.

Arlington director, Marc Schneiderman, who deals with some of North West London’s most exclusive homes, told the Neg that the deals had come from a “varied cross-section of buyers”.

All the properties were in “prime roads in prime London locations” and all were competitive purchases.

Around 60% of our sales have been to domestic UK buyers.”

When asked to break down who the buyers were, he said: “Around 60% of our sales have been to domestic UK buyers with around 40% being from overseas.”

There had though been a 25% jump in sales from overseas buyers who Schneiderman believes still regard London as the top property-owning location.

He added: “Investors only represent a small percentage of the overall sales. In the main, these are properties bought as homes to occupy.

“Rental investment buyers are sparse and who can blame them? Recent changes to tax relief, high SDLT on second property purchases, tripling of interest rates, and impending changes in CGT all conspire against owning rental properties, despite rents increasing by over 20% in the last few years.”

Anxious

With Labour looking to target those with the ‘broadest shoulders’ Schneiderman says that there is some anxiousness in the market and some buyers were actively looking to relocate abroad before the Autumn Budget.

But he points out that the summer market had performed surprisingly well and that “the London property market is hardy and has weathered many storms.”