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London property market needs stability

Camilla Dell, Managing Partner at Black Brick, comments on UK Chancellor Philip Hammond's Spring Statement…

We have a more measured and sensible Chancellor who is withholding his big announcements for the Budget this autumn.  We see this in a positive light, as the London property market needs stability and to date there has been constant change and uncertainty. 

The pledge of GBP1.7 billion investment to build 26,000 affordable houses in London by 2022 is good news, however, pumping money into the market alone will not solve the problem.  The Government needs to support Housebuilders and incentivise them to build the right type of accommodation Londoners need, in the right areas, at the correct price. 

A healthy market isn’t just about supporting the bottom end of the market. The volume of transactions taking place across all price points is also important. Stamp duty changes have crippled the London market, particularly in the prime and super-prime sectors, with volumes falling nearly 40% since stamp duty changes were introduced. 

At Black Brick we have experienced transactions being choked by stamp duty and we are keen to see a review of the stamp duty hikes bought in by the previous Chancellor, which we believe will have a positive impact on the whole of the London property market.

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