Autumn Market Update

July marked the 4th Anniversary of Dawes London. I feel incredibly fortunate to love what I do, and four years have flown by. I set up Dawes London to offer a truly focused and bespoke service that I believe only a small business can deliver. Since launching, we have transacted on over £200 million worth of London’s finest homes, but what I am most proud of is that over 90% of our clients come through personal recommendation. It is so motivating that our clients are the ones who are advocating for our business, placing their complete trust in our integrity.

During the summer, our clients completed purchases in Holland Park, Notting Hill, and Kensington, demonstrating that when clients are presented with the ideal family home and consider the long term, they are confident to go ahead.

One of these clients was referred to us by a leading London law firm, which trusted Dawes London to offer the best advice and facilitate a swift transaction. We completed the purchase within three months of our instruction and negotiated a 10% reduction from the asking price. We have now introduced this client to some of London’s top architects, interior designers, and builders to advance the project to the next stage.

London Property Market Commentary

In my 22-year career, I have never seen such interesting buying opportunities, although realistic market forecasting is flat at best, windows of opportunity close quicker than we anticipate. 

Putting the current Stamp Duty rates aside (even the Ex Deputy Prime Minister and Minister for Housing tried to pay less!), there is no question that a lot hangs in the balance for high-value property in the November Budget.  Buyers, Sellers, and their advisors are now waiting with baited breath to see what could reshape property tax once again.

Surprisingly, for what already seems a highly taxed sector, rumbles from Whitehall suggest Reeves has a beady eye on property.  If recent media speculation is to be believed, the list of possibilities includes changes to stamp duty, capital gains tax on residential property, re-banding council tax and levying National Insurance on rental income.

Perhaps wishful thinking, but will Reeves water down the IHT exposure for Non-doms, as we have seen an exodus of wealth leave the UK?  The UK needs serious overseas investment to boost the economy.