This recent article in the Times illustrates what we at Dexters have been saying since June - at the top end of the market there are plenty of buyers about, both domestic and overseas.
Buyers are factoring in stamp duty and also a 10% fall in prices - they overheated by nearly doubling 2010-2014, so adjustment is to be expected. When you take the hype out of the equation, we know that top-end asking prices get results.
Our mission is to get lots of sellers on the market first, then work with them on price strategy. We are experts at this and the current London market is helpful to us in terms of boosting our office numbers and gaining market share.
Riverwalk is a development of two towers of luxury apartments overlooking the Thames. This is a high-end development where property prices start from £1.25 million for a one-bedroom apartment and rise to about £25 million for the five-bedroom penthouse. It is this top end of the property market that, until recently, was struggling. Yet the tempo of selling is starting to change, according to Lisa Ronson, the daughter of the veteran property developer Gerald Ronson. “Since September there has been a flurry of activity,” she says of the scheme. “In that time we’ve sold a penthouse.” Riverwalk is a good example of what is happening in the luxury property market — a market that was nearly killed off by high stamp duty costs. It is being reignited by overseas buyers, buoyed by the weakening of the pound against major currencies.