Up or down? Mid to long term prospects remain positive

Are Barbican flat prices coming down or not?  Anecdotally it does appear that properties are taking longer to sell and some vendors have been reducing asking prices accordingly, but we see little sign of any serious general degradation in apartment values.  The froth may have come off the top of the asking price expectations, but this could be considered a dose of reality after some fairly spectacular increases.  Nevertheless, gone are the days, at least for the time being, of sealed bids and properties selling within hours of hitting the market.  The Barbican flat market goes though times … [Read more...]

SDLT impacting top end properties

In the last issue of Barbican Life we commented that the Barbican sales and lettings market was getting back to normal given all the uncertainty ahead of the June general election, the start of Brexit negotiations in July and the implementation of a new stamp duty range which has had the effect of making many Barbican sales more costly, given the high valuations of Barbican properties.  Also, as you will see in our Personal Finance column, being able to offset mortgage interest payments against buy-to-let income is gradually to be withdrawn which will affect this sector of the market. We … [Read more...]

Barbican flat sales market nearing normal again

We read a lot in the media about property prices falling across the board, although still up by a small percentage year-on-year.  However, talking to the local estate agents, who probably have the best handle on what is really going on, it does appear that the Barbican housing market is getting back to normal after a temporary hiatus.  True there is the uncertainty of a general election, which will have taken place by the time you get to read this edition of Barbican Life, and the longer term impact of the Brexit negotiations to come, which will undoubtedly see fluctuations with the ebb and … [Read more...]

Uncertainty still reigns

It has become apparent from talking to our local Estate Agents that uncertainty about the potential for rises and falls in Barbican apartment purchase prices is continuing.  The froth has probably come off some properties on the market seen as overpriced and looking at movements in London house prices over the past year a significant part of the overall percentage decline, or weakening in advances – depends whose figures one takes - problem may well be the plus £925,000 homes which now attract a higher level of stamp duty (10%) – and there are/used to be an awfully large proportion of Barbican … [Read more...]

Barbican sales hangover but lettings positive

FLATWATCH - CHRISTMAS 2016 The property market still seems to be suffering a hangover from the aftermath of June’s Brexit vote, but to an extent the fallout has been mixed.  The sharp fall in the pound sterling is perhaps leading to some stronger interest from overseas, although the top end of the market has been depressed, but perhaps more due to the pre-Brexit vote stamp duty changes.  Even so, given all the uncertainties involved, Barbican prices appear to have been remarkably resilient so far.  The local estate agents are reporting some small price falls, while it is perhaps too early … [Read more...]

The Brexit Effect – Bust or Business As Usual?

Well, the Brexit vote is now behind us and, contrary to the doom and gloom merchants, the sky has not fallen in – at least not yet.  Indeed this seems to be the case across the economy.  Retail sales and Manufacturing have not slumped – indeed quite the opposite according to the latest figures - and even the pound is beginning to recover despite a seemingly hard line being taken by Theresa May’s Cabinet.  Tales of the UK’s economic demise appear as if they may have been greatly exaggerated. The Barbican is something of an always-in-demand micro-market so is perhaps less prone to serious … [Read more...]

Stamp Duty and Brexit hitting sales? – Flatwatch Summer 2016

BARBICAN FLATWATCH There are many mixed messages in the media about what is happening to property prices, but the sensible viewpoint is probably wait for the dust to settle after the changes in second home stamp duty – which boosted sales in the first quarter, but saw them drop away sharply in April – and probably until after the Brexit vote too.  One can see from the Estate Agents’ Comments below that there has certainly been a drop-off in sales, but the most significant cause of this was the rush to complete a second home, or buy-to-let purchase ahead of the stamp duty deadline.  … [Read more...]

Flatwatch Spring 2016 – London house prices up 9.4% in 2015

Statistics seldom tell the whole story, but according to the UK government’s Office for National Statistics, London house prices rose by 9.4% last year.  Within this metric Prime Central London was particularly strong – although this category will also include some ultra hotspots like Kensington, Chelsea and the West End – where residences at the top end of the scale will trump anything the Barbican has to offer. Nonetheless an analysis of the ONS figures by Estate Agency Marsh and Parsons suggest an average for one bed apartments across prime London is around £712,000 – and the Barbican … [Read more...]

Flatwatch Christmas – Prices in a bubble – perhaps not!

By all accounts the sales market for Barbican and local area properties has been strong through the third quarter, although may now be beginning to slow down ahead of Christmas. However the price improvement may not be affecting all sizes of property equally.  The changes to stamp duty earlier in the year have particularly impacted the high end plus £1.5 million properties – which thus includes virtually all the higher up tower block flats and other larger units such as Lambert Jones Mews, Wallside and The Postern.  Indeed it may even put a cap on the pricing of some of the best two-beds on … [Read more...]

Barbican Flatwatch – Autumn 2015

As usual there seem to be plenty of differing views as to what property prices are doing around the country, in London itself, and even in differing parts of the nation’s capital.  It depends whose latest survey you read, but what has to be encouraging for property owners, although perhaps not so for property-seekers, is that nearly all these price surveys suggest that property prices are continuing to rise in prime areas – and the Barbican is very much a prime area. The level of price growth though remains contentious with Nationwide saying prices in August rose the least in percentage … [Read more...]