Whether falling or rising house prices are a good thing depends, of course, on your perspective. One of the beneficiaries of the downturn at the so-called super-prime end of the London housing market has been letting agents. Apparently, the super-rich are becoming more inclined to rent super-prime residences rather than buy them. There have been a few pieces recently based on research from Knight Frank and LonRes indicating that business is good for letting agents. However, I’m always wary of large percentage increases on small initial numbers. Interestingly Stamp Duty changes rather than Brexit are cited as the key driver. I know that it’s well-known but the concentration of Stamp Duty revenue in central London is still remarkable.
Last year, stamp duty raised £7.3bn for the government– £3.4bn from London. The boroughs of Kensington and Chelsea and Westminster both brought in more than £500m – more than 25 times what was generated in Northern Ireland.
Yep- that’s 25 times more!