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London housing market frenzy after election results

As soon as the exit poll at 10pm on Thursday night signalled a majority for the Conservatives, the London housing market immediately saw a frenzy with million pound properties put on the market - and sold - in a matter of hours. 

With the threat of a Labour-imposed mansion tax fading away, wealthy buyers - no longer afraid of the levy on £2million properties and determined to avoid the post-election hike in house prices - quickly brokered deals for homes in some of the capital's most exclusive postcodes. 

In exclusive Mayfair, prime estate agent Wetherell revealed they had sold a £26.5 million palatial property as well as a £2.5 million flat.

And another estate agent revealed to MailOnline that she didn't sleep on election night - and in just 24 hours, had sold properties worth almost £60million.

Becky Fatemi, Managing Director of Rokstone, said: 'With the Conservatives winning the election so resoundingly, the luxury residential market in London has returned with a vengeance. 

'The luxury sector of London's property market has gone crazy today, and I didn't sleep on Election night and worked until 9pm yesterday.'

She said the first enquiries came in shortly after polls closed on May 7 and yesterday, a £20million penthouse was sold in Belgravia as well as a £2.6million flat in Mayfair's Duke Street.

The two-bedroom apartment in Mayfair was bought by an investor, who had been holding back until the results of the election before venturing into the London market

'In just one day yesterday, Rokstone has had exchanges and offers on Prime London property worth a cool £59.7 million, which is our biggest set of deals since the rush on the day before Stamp Duty came in.' 

She added: 'This result has really uplifted the London housing market and in our industry, sentiment and optimism are very important.' 

Peter Wetherell, Chief Executive of Wetherell said: 'Wetherell is currently in the process of processing some £29 million worth of offers that were made on Mayfair property to us yesterday straight after the election.

'I've had correspondence yesterday and today with some 70 clients and other property contacts and all of them have said to me that the luxury London market is now 'back in business', especially with the Mansion Tax and Non-Dom worries now blown out of the water due to the resounding win by the Conservatives.' 

And Gary Hersham, Managing Director of Beauchamp Estates, added the result will see an end to uncertainty in the prime property market in the capital.  

He said: 'Property has played a very influential role in this election, voters want economic stability, the country's books balanced and their homes safe from a Mansion Tax. 

'All of Labours talk of a Mansion Tax upset Middle England. This has brought the clarity that the property market needs.

'This Conservative Party win will reassure purchasers and investors that London remains the place to invest in real estate in the world.'

Another Chelsea-based estate agent, Jake Russell, Director at Russell Simpson: 'The whole of Chelsea woke up and breathed a huge sigh of relief the day after the Election. 

'We were manic yesterday, and we have been busy since first thing this morning despite it being the weekend.' 

He added that his firm has buyers waiting for Mr Cameron to emerge victorious from Buckingham Palace after the stunning win yesterday.

'While he toasts a new government, they will be toasting to a new home,' he added.

 

Source: The Mail Online

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