Despite fears of a housing crash following last year's mini budget, this has so far not materialised in 2023. Going into summer, we have seen a recent increase in new instructions of high value properties, although buyers and sellers continue to remain cautious. New clients are often based overseas, purchasing a London property as a second home, or for investment. They continue to take advantage of the weak pound and being able to purchase without the need for mortgage finance. However, buyers across the market are taking their time this year to find their ideal home, and it is expected that house prices will have to adjust accordingly.
Our clients are often purchasing and selling in Prime Central London, consisting of London's Great Estates such as The Grosvenor Estate. In this edition, Managing Associate Fiona Callaghan discusses the idiosyncrasies of transacting in one of these most prestigious of areas, which come with their own set of rules and regulations.
Relevant to those purchasing in blocks of flats, and particularly those with share of freehold, Alison Taylor, Of Counsel, our residential real estate Knowledge Lawyer, considers the additional management responsibilities created by the Building Safety Act in relation to taller residential buildings including the requirement for registration by October this year.
For those clients purchasing for investment, Partner Laura Odlind's update on the potentially radical reforms to phase out Assured shorthold tenancies is important reading.
Similarly, Amanda Campbell, Of Counsel, discusses the creation of a new "short term lets" planning class, which would provide greater powers to control short term lets, and has the potential to affect the letting of second homes.