While the stamp duty holiday is likely to encourage buyers to the market, some industry experts are tipping the London housing market to welcome a greater number of overseas buyers. A combination of the stamp duty holiday and the additional surcharge for foreign buyers set to be introduced in April 2021 makes this an ideal time for overseas buyers to act.
As you know, we are focused on the housing market in and around Camberwell. Therefore, we note with interest that the London Borough of Southwark is said to be one of the boroughs which has seen a reduction in property values in the past year. This, alongside the stamp duty holiday, means property in these parts of London are in greater demand for overseas investors.
Previously, it was thought that foreign investors were only looking to buy property in central and prime London locations. This means these buyers left the majority of London markets alone. However, this is no longer the case.
The changing circumstances and the better value for money which comes from buying around London has seen an increase in external buyers in areas such as Camberwell.
The London Boroughs of Ealing, Bromley, Southwark, Enfield, Croydon, Havering and Bexley have also seen the current stamp duty saving on offer to foreign buyers bolstered by a reduction in property values in the last year.
Added competition in housing market might be welcomed by vendors
If you are looking to buy property in this part of London, the added competition isn’t welcome. The supply of homes isn’t sufficient to meet demand as it stands, so an influx of overseas buyers is going to make the process even more challenging.
However, if you are a vendor in Camberwell, the increase in willing buyers is likely to be a positive factor. We are here to help you if you are looking to sell your Camberwell home. One of the most important parts of the sales process is having your home valued.
Plan your next move in confidence
A property value helps you enter the market with greater confidence, and it also allows you to plan your next move with greater confidence. If you would like us to arrange a property valuation for you, please contact us today.
Marc von Grundherr, a noted figure in the London housing market said; “The recently implemented stamp duty holiday has not only rejuvenated domestic buyer demand, but we’re also seeing foreign buyers starting to return to the capital in their numbers. In fact, the vast majority of our buyer interest coming from Asia has only been concerned with homes falling under the £500,000 threshold.”
Marc continued by saying; “London remains the pinnacle of homeownership for many foreign buyers, and while a ramped-up level of stamp duty will be hard to swallow, it certainly won’t deter buyers in London’s high-end market. However, with many rushing to make the most of the savings currently on offer, any negative price trends that have plagued the capital in the last 12 months are sure to be short-lived as demand starts to outweigh supply.”
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.