Tim Fairweather: London agent warns of potential Labour disaster.

As we enter our final full week before the long awaited Election Day, Central and North West London agent Sandfords join a chorus of other industry experts and warn of the possible disastrous consequences for the property market if Labour is elected into power.

Tim Fairweather, a Director at Sandfords, comments: “In the immediate run up to the Election we are seeing a lot of influential individuals, economists and agents shouting about the reality of a Labour government and the effects their proposed mansion tax will have on the whole property market, and not just in London. We have voiced our fears of Labour’s taxing policy on numerous occasions ever since its proposal but it’s now increasingly apparent that it will provoke far reaching problems that will have an effect on millions of everyday people.”

Bashing the rich’ is a term associated with the Labour party although they continue to protest that they want to help aspirational home-owners. “Labour seem to be under an illusion that their proposal would not involve the lower end of the market.” Says Tim. “It’s quite clear that the introduction of a mansion tax would shake up the entire property market and its undoubtedly not going to be exclusive to the capital either. There is uncertainty over the clarification of property values and this will cause no end of problems with pricing in and around the £2 million bracket. Prices will fall at the top end of the market which will ricochet into the mid-market hitting the exact people that Labour proposes to support. Below the threshold we will naturally see increased competition which in turn will result in prices being driven up, pricing out a whole group of buyers wanting to move up the property ladder.”

Tim continues: “The market currently is subdued but by no means completely dampened. Transactions are going through and demand is evident. Following the Election, if Labour are successful and do enforce the mansion tax, there will be consequences; a flattened market in not only areas where there are ‘mansions’, which many are in fact just large family homes, like London and the South East but also further afield.”

ENDS

For further information, please contact:

Holly Addinall, Sandfords PR on 01276 62201 / 07979537334

Editors Notes

Sandfords specialise in the sale, rental and acquisition of prime residential property in Central and North West London, most notable, in the Regent’s Park, Marylebone, St John’s Wood, Primrose Hill and Little Venice areas.

Sandfords was founded in 1985 by Andrew Ellinas, who used his mother’s maiden name on the letterhead. The company initially served the Highgate area, but an introduction to James Light prompted a new partnership and a move to Regent’s Park. The new office opened in 1994. Expansion was rapid and Sandfords soon gained a reputation as the agents with the best local contacts and expertise.

Sandfords soon saw the logic of expanding south of the Marylebone Road, and in 2006 Tim Fairweather joined the firm to open the Marylebone office.

The firm has been at the forefront of the technological changes that have swept the property sector. Andrew, something of a geek, personally installed the firm’s first computer network, at a time when networks were the preserve of big corporations, and he wrote Sandfords’ first website. The site was a dynamic websites that could be updated on the fly, one of the first for any estate agent in the UK.

Sandfords were founder shareholders in Primelocation.com, the pioneering property website, and are shareholders in Fabric, the top north London property magazine.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Estate Agent Talk

Homes for sale in UK has reached highest level in eight years – Thoughts from the Industry

Following on from the data from Zoopla the number of homes available for sale in the UK has reached the highest level in eight years. Here are some thoughts from within the property industry. Guy Gittins, Chief Executive of Foxtons, said: “Despite last week’s announcement of a general election, we’ve not seen a dampening of…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Headlines The average 5-year fixed mortgage rate is now 04%, up from 4.63% a year ago The average 2-year fixed mortgage rate is now 41%, up from 4.97% a year ago The average 85% LTV 5-year fixed mortgage rate is now 01%, up from 4.55% a year ago The average 60% LTV 5-year fixed mortgage…
Read More
Breaking News

Highest supply of homes for sale in eight years will keep house prices in check

Zoopla HPI reveals that the UK is currently experiencing the highest supply of homes for sale in eight years, which will keep house prices in check for the rest of 2024, and also predicts that the 4th July General Election will have less impact on the housing market than during previous election periods. Supply of…
Read More
Breaking News

Breaking Property News – 29/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X. Made Snappy 360 says 61% of letting agents omit property measurements from their listings – which NTSELAT now requires  Letting agents across the UK are proactively responding to an update from the National Trading Standards in Estate & Letting Agency (NTSELAT) regarding recommended “material information”…
Read More
Love or Hate Rightmove
Breaking News

Rightmove story: Home-movers undeterred by election

Majority of home-movers undeterred by election New insight among home-movers shows 95% say the upcoming election will not affect their moving plans Rightmove data from previous elections shows that the market remained steady: In 2015, demand from buyers was consistent leading up to the election, and experienced a post-election boost in June when the annual…
Read More
how to present your property for sale
Estate Agent Talk

6 Property Management Marketing Strategies For And Beyond

Did you know that over 70% of individual renters find their new homes on the­ internet? In our current digital e­ra, a sturdy online existence­ isn’t just an extra for property management firms—it’s a critical need. Nonethele­ss, with innumerable property administrators scrambling for visibility, how might your firm gain promine­nce? The solution is a de­tailed…
Read More