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London property market like a ‘Tesco with half empty shelves’

Leading conveyancer says his firm has seen a significant reduction in volume within the capital's housing market recently as Brexit and Stamp Duty bite.

Nigel Lewis

housing market

A leading London conveyancer has claimed that Stamp Duty and the ongoing Brexit mess have jointly deadened many parts of the capital’s housing market and in particular the investment sector.

Simon Nosworthy, Head of Property at Osbornes LLP, one of London’s largest law firms, says searching for property at the moment is like ‘going into a Tesco store and finding half the shelves empty’. “It can be off putting for people,” he says.

His comments follow last week’s Nationwide house price index which showed that London has been the weakest performing region of the UK during the first three months of the year, and that prices are now nearly 4% lower than a year ago.

Nosworthy (left) says there has been a significant reduction in the number of transactions in the solid upper end of the market his firm deals with and in particular four- and five-bedroom houses.

The company says that prices are beginning to drop as the Brexit chaos continues and that the only thing preventing them falling further and faster is the lack of stock in the market.

“The days of the property boom are gone for the moment – so the market is broadly just catering for those that have to move due to life changes such as divorce, death and relocation.

“There are not the number of property investors in the market that there once were. These are generalisations and there are exceptions to this on a local level, but one generalisation which is true is the Help to Buy is market is booming.”

 

 

April 2, 2019

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