HOUSE sales in London’s upmarket West End have soared following the Conservatives’ election win, as buyers’ fears over Labour’s proposed mansion tax were allayed.
Property advisers CBRE said enquiry levels rose by 25 to 30 per cent following the May poll outcome compared with pre-election figures.
This led to an upswing in sales in the second quarter, with average values up 31 per cent on the previous quarter and 22 per cent year on year, CBRE’s latest West End report, released today, shows.
With UK consumer confidence at a 15 year high, CBRE said it has witnessed a strong revival among the domestic buyers, who now make up 60 per cent of the market – 20 per cent ahead of the first quarter.
The rental market also saw robust growth with 93 tenancies agreed in the second quarter, up 31 per cent in the previous three months.
CBRE senior director Jamie Gunning said: “Covent Garden and Soho are increasingly being seen as the new upmarket areas and our buyer demographics support this. Very high quality architectural and interior design has had a great impact on securing the West End’s position as a prime area.”