Political uncertainty in the UK and extra Stamp Duty have deterred investors from some of the UK’s most prestigious developments, but owner-occupiers are still showing interest, an agent has claimed.
JOHNS&CO, which provides sales and lettings on major developments around south-west London such as Embassy Gardens, Battersea Power Station, Riverlight, St George Wharf development, has seen the buyer profile shift from investors to owner-occupiers.
Brett Walton, sales manager at JOHNS&CO, told EYE: “If you were looking at this year versus last year probably around 65% was in favour of investors: that has now flipped the other way.”
This has meant sales and resales have become more common than off-plan purchases.
He said investors were waiting to see if the market was cooling off before jumping in, attributing a slowdown to Stamp Duty, Brexit and fears of safety in the capital.
Walton added: “It is difficult to put a figure on transactions as a lot of what we have is on a pipeline.
“We are down in monetary and transactions terms on 2015.”
But he said there was still demand from both international and domestic buyers.
He said: “There is a mixture of nationalities, with a lot from the Middle East and Far East, but equally people who have lived around here for years have seen their property values double and are taking the chance to live a similar lifestyle with facilities such as a gym on-site.”
It comes as the agent, which had a temporary office in Embassy Gardens in south-west London, unveiled a permanent presence on Nine Elms Lane.
Walton said: “The convenience of the new office’s improved location ensures that JOHNS&CO’s agents will be on hand to take potential buyers or tenants around the show flats, manage transactions in person and also provide immediate support, property maintenance and advice to current residents.”