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London Buyers Rush Back Into Property Market


London Housing Market Sees Boost At Surprise Tory Vicyory

As the news filtered through that the Conservative government were going to be elected with a majoriy the governent phomes were ringing in many of London's estate agents. Up until now may buyers have been dragging their heels at the prosect of a Labour government being elected and the threat of a mansion tax looming over them.

Seen as the party of anti lanlords and anti business buyers took fright at the possibility of Labour rule and had virtually been boycotting the London market over the last couple of months.

So much so that London has seen a fall in house prices as buyers stayed away. The most affected properties were at the top end of the market but there were also price drops for properties over two million pounds which would have been the threshold for the Mansion Tax.

Buyers who had been stalling sales over the last couple of months were suddenly very keen to exchange contracts or even complete sales immediately. The concern amongst buyers is that now that the threat of a Labour Government has been washed away sellers will not start to increase their asking prices.

The increase in the number of new buyers will halt the decline in the property market and is very likley to casue another boom in house prices. The London propery market is now totally disconnected from the rest of the UK and is driven by international buyers or wealthy UK speculators who have been purchasing most newly built blocks to rent out.

None of the new properties being built are affordable for many Londoners which is a real cause for concern according to experts who fear that the capital is no longer able to provide housing for Londoners.

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