London estate agents are seeing a glut of properties on the market priced at over £1 million plus. The market is even slower at the £3-5 million level following higher stamp duty and less foreign buyers.
Oliver Reed's old house was once on the market for £12 million in 2009
In some cases properties have been on the market for several years and the price of the late actor Oliver Reed’s Surrey mansion has been slashed by £10 million!
The 12-acre estate set in the beautiful Surrey Hills was once up for sale for £12 million in 2009, but the price-tag has been gradually reduced since. In 2016, the six bedroom, five bathroom house was marketed it for £4.95m and is now for sale by auction at a guide price £2.6 million via Allsop.
Brexit uncertainty is being blamed for the slowdown in the UK property market and this month has seen the first annual fall since 2009. Buy-to-let landlords have bee deterred from investing in property by recent tax hikes and tighter mortgage rules.
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Check out my Podcast episode "London £1 million Property Glut As Market Stagnates" from Money Tips Daily by Charles Kelly, former IFA and author of on Anchor: https://anchor.fm/charles-kelly/episodes/London-1-million-Property-Glut-As-Market-Stagnates-e1lh5m
Check out my Podcast episode "Leasehold Property Is A Legal Landmine, Read This Before You Buy" on Anchor! https://anchor.fm/charles-kelly/episodes/Leasehold-Property-Is-A-Legal-Landmine-So-Be-Wary-e16oof
Leasehold properties are a legal minefield
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