Economics

Top-end London property brokers are enjoying a bonanza of urgent interest from wealthy international buyers with US dollars to spend, looking to take advantage of a significant currency discount.

Mishcon de Reya's team of legal experts talks us through some of the key policy announcements in last week's big fiscal event.

A surprisingly mixed set of responses from the property sector, featuring insights from Savills, Knight Frank, Rightmove, Maskells, Cluttons, Jackson-Stops, JLL, Winkworth, Carter Jonas, Chestertons, …

The nil-rate Stamp Duty threshold has been doubled to £250k, effective from today.

The UK's base rate of interest has been rising since December 2021, as the Bank of England attempts to keep a lid on inflation.

It's being reported that Friday's "emergency mini-Budget" will feature a cut to Stamp Duty. Is this wise, and what impact might such a move have on the property market and on the wider UK economy?

Super-prime estate agent Trevor Abrahmsohn hopes the new Prime Minister 'will succeed and be our Queen Boadicea in difficult economic times'.

The Prime Minister and Chancellor will announce a reduction in property transaction taxes on Friday, suggests The Times.

"Some projects could become economically unviable if local authorities force developers to increase Section 106 agreements in line with runaway inflation," warns Boodle Hatfield.

London has fallen further down the wealthiest city rankings, with fewer millionaires now calling the UK capital home than New York, Tokyo and San Francisco.

"In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week."

A house price correction of between 10% and 20% looks increasingly likely, writes Colin Jones, Professor of Real Estate at Heriot-Watt University.