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Investment & New Homes
London Property Market 22 August 2017

Chestertons Residential Observer - August 2017

The Government collected a record £4.84 bn from Inheritance Tax in the last tax year, much of which will have been from property. Next year, this figure is expected to rise to £5bn.

The UK has the smallest homes in Europe – the average newly built home here has just 76sqm of floorspace compared to 137m in Denmark. Due to the high value of land, London has seen an increase in the number of so-called "micro homes", a recent example being a 23sqm property in Chelsea which sold for £713,8232.

Parking is the top priority for buyers as data on search terms show the two most popular keywords are 'garage' and 'parking'. Searches for "garden" came in fifth, sliding from top position last year.

Buy-to-let mortgage enquiries from UK Expats rose by 130% in the first seven months of the year compared to the same period in 2016. Nearly a quarter of enquiries came from expats in the United Arab Emirates. The other top five countries for expat enquiries included the USA, Hong Kong, Singapore and Switzerland.

A new survey reveals that the most common home improvement made by buy to let landlords in the last five years is a new bathroom (39% of respondents), followed by a new kitchen (38%) and a new boiler or central heating system (34%).