London, England -- (SBWIRE) -- 12/21/2015 -- Following changes to the stamp duty system over the course of the last two years by the chancellor George Osborne, it seems the upper reaches of the London property market are no longer as lucrative as they once were. This comes in the light of the news that one of the largest flats in the city's West End is going on sale this month, but with only limited interest. It is an apartment in the Mellier Building on Mayfair with a hefty £15.9 million price tag too; a prospect which a few years ago would have likely attracted much attention.
Before the stamp duty changes, it would have most likely been the case that the property in question would have created a bidding war – seen as ideal place to invest by those who could afford it. Now it seems that interest in highly expensive property is much more reserved, leading to speculation that the capital is no longer the most enviable place to buy luxury property. It is especially the case that those coming to the city are now focusing on rental options, for example; as do not want to tie themselves down to a property. This is particularly the case for students.
The details of the stamp duty system overhaul did start to take effect last December; but it seems that now they are starting to have the actual impact. Addressing stamp duty in England, Wales and Northern Ireland, the chancellor lowered the amount for those who were buying homes under £937,000, but raised transaction levy for properties over £1.5 million. This means that more expensive properties are typically hit with a higher rate to pay. Further increases are expected in the coming year.
Quick to comment on the issue was Safe Removals. They are a moving company working throughout the area to help transfer both business and personal belongings with the utmost professionalism. A spokesperson had this to say:
"When it comes to moving house what we are increasingly seeing is 'luxury' being relative – people are not necessarily opting to buy as much property, but instead may experiment by renting in a number of their preferred areas in the city before making a decision. They have the 'luxury' to move around and appreciate new opportunities instead. After all, big investments need careful thought; so this means a lot of moving! Fortunately, services like ours are proud to support the process."
About Safe Removals
Safe Removals is a removal company based in London. They provide a range of moving services, including personal, office and business options, as well as a storage service.
For more information you can visit their website here: http://www.saferemovals.co.uk/officeremovals/
PR Contact:
Company name: Safe Removals
Contact person: Alex Mierzejewski
Contact Telephone: 02088883917
Contact Email: info@saferemovals.co.uk
Website: http://www.saferemovals.co.uk/
Address: 724 Tudor Estate,
Abbey Road,
London,
NW10 7UN