Despite the Governments attempts to intervene it looks likely that bankers will get their big bonuses this year. Property consultants, Cluttons, have reported that home buyers in central London are looking to move quickly in order to beat the bankers.
There has been a flood of activity in the first two weeks of January as buyers who were looking at the end of last year return to the market searching for the perfect home before cash rich bankers get their hands on their bonus money. Property prices in central London continue to perform well and remain a relatively low risk investment despite the downturn.
With this in mind it seems highly likely that the London market will be buoyed and will not suffer like many other regions.
James Hyman, Partner for Residential Sales at property consultants Cluttons, said:
"It looks like big bonuses will be paid this year despite the Government’s failed attempts to intervene in the case of the state owned banks. Bankers are already starting to look for property ahead of their bonuses being paid, and buyers know it will only be a few weeks before this cash starts flooding into the market, creating fiercer competition and forcing sales to sealed bids.
The first quarter of this year will offer the best window of opportunity for sellers, as buyers spending upwards of £1million will be keen to avoid the additional 1% rise in stamp duty tax coming into force in April, which will take their stamp duty bill to 5%. The limited amount of property for sale also presents excellent opportunities for sellers over the next few months."
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