Here at Manse and Garret Property Search we source properties in London’s best areas and on London’s best roads. However only occasionally do we come across properties in London’s best buildings – buildings so unique and well known that they often command a higher price tag than other comparable homes in the area. We always have to ask ourselves, is the extravagance of the address worth the extra money?

When the GLC was abolished in 1986, the grand, Ralph Knott designed “Edwardian Baroque” building located on the south bank of the Thames became surplus to requirements. The site was eventually sold in 1992 to the Japanese property developer Shirayama for a reported £60m – just before a recession and property slump. Given the economic climate, this figure raised a few eyebrows in the property world and some were concerned that Shirayama would not have the money to convert the building, having already spent so much to procure it. With hindsight it was a solid investment. The luxury hotel, aquarium, museum, exhibition space and restaurants attract over 17million visitors a year. The converted flats sell for around £800 – £900 a square foot – outside of the popular Shad Thames, these levels are uncommon for the SE1 postcode. These well-located flats, in the handsome Portland Stone building with excellent views have never failed to attract buyers and tenants.

Last year it was announced that the long term viability of the Houses of Parliament as the seat of British government was being questioned. Having always been an expensive place to run, the whole building is suffering from subsidence, and is slowly sliding into the River Thames. Thought to have been affected by the excavation of the Jubilee Line extension in the 1990s, and the underground car parking complex on site, surveyors have said that repairs to the building would take at least five years to complete. Government accountants argue that it doesn’t make sense to spend an estimated £1billion to repair an estate that is worth £1billion, although I am sure that English Heritage might think otherwise.

The Houses of Parliament, if converted to commercial and residential premises would no doubt be an even more popular housing and property destination than County Hall.  With 872 ft of river frontage on a site of approximately 8 acres, the number of luxury residences that could be created would certainly tempt any number of wealthy buyers, many of whom would happily buy off-plan to own such a desirable piece of real estate in one of London’s best known buildings with the SW1 postcode to match. Proximity to Westminster tube, to the West End and the caché that comes with owning property in one of the world’s most iconic buildings would certainly create demand for any residential property that was available on site and it is likely that the price per square foot achieved would be well above the £1,500 average that this part of Westminster currently commands.

So it seems sometimes paying more for property in one of London’s best buildings can pay off, not to mention also giving you an address everyone will recognise and a home or business everyone will want to come and see. If you need Manse and Garret to locate a unique home for you or a unique addition to your property portfolio please don’t hesitate to get in touch.

Technorati Tags: Historic buildings, House prices in London, London property, Planning Permission, property market news, Westminster house prices

Tags: Historic buildings, House prices in London, London property, Planning Permission, property market news, Westminster house prices

As London Buyer’s Agents we were interested to read a recent interview with The Telegraph (http://tgr.ph/n7WTGf) where Eric Pickles, the secretary of state for communities and local government has said that it would be a, “very big mistake”, to go ahead with any form of the Liberal Democrat’s proposed “mansion tax” on properties worth over £1 million.

A 1% annual tax applied to houses worth more than £1 million was first proposed at the Liberal Democrat party conference of 2009. The suggested threshold was later increased to properties worth more than £2 million, and this year the policy was refined further, with the Liberal Democrat Party suggesting that there should be a levy of 1% on capital gains tax from the sale of a property after the first £1million. .

This is an obvious attempt to make owners of high value property in the UK, whether British or foreign citizens, to pay up in order to share the burden caused by the national deficit, a questionable source of revenue when you stop to consider that an overhaul of the current council tax system has been estimated to cost upwards of £250million.

Although unlikely to temper overseas buyers’ zeal for good quality, high-end property in prime central London, a “mansion tax” is likely to dissuade middle-class British buyers from progressing up the property ladder. They are instead likely to decide to remain where they are, which would decrease the amount of property below £1million that comes onto the market, negatively affecting both ends of the market.

It is also possible for an astute property investor to buy property below the £1 million mark, and develop the property sufficiently after its official government valuation and still benefit from their investment, which makes the £1 million threshold seem rather arbitrary indeed.

There would be an uneven burden on home-owners in London and the South-East where the value of property continues to increase despite the recession. Eric Pickles rightly said last week that it would be, “imposing taxation on the back of changes in property value”. Following Eric Pickle’s interview it seems unlikely for now that any version of the “mansion tax” is likely to be passed under this coalition government, however much the Liberal Democrats want to replace the 50p tax rate for high earners with a tax for so-called “unearned wealth”. This would negatively affect people who are house-rich, but cash-poor, and whose life earnings have been channelled into their property, with a view of it being a retirement safety net, or a legacy for their children. Many people view their home as an investment, and I don’t believe that people should be taxed for choosing to invest their money well, and having their savings in bricks and mortar.

Technorati Tags: Buyers agents, government policy, Hackney house prices, House prices in London, London property, mansion tax, Property News, recession

Tags: Buyers agents, government policy, Hackney house prices, House prices in London, London property, mansion tax, Property News, recession

Finding a property with outside space in central London can sometimes seem quite a feat (especially if property finding isn’t your raison d’etre, as it is for us London buyer’s agents here at Manse & Garret Property Search!)

With summer approaching the number of buyers eager for outside space increases; competition is fierce and flats with good roof terraces are very quick to go under offer, often sold to keen buyers enticed by the idea of entertaining friends and family on a warm summer evening surrounded by the bright lights of London.

Speaking as a London Buyer’s Agent, I am particularly referring to roof terraces, rather than the humble patio garden, as they are quite the in thing in property and quite understandably so. Patio gardens, often on the lower ground floor, overlooked by neighbours and more often than not lacking in natural light find it hard to live up to The Roof Terrace which is much more likely to provide breath-taking views of London, great entertaining space, and an excellent opportunity to sunbathe, if that’s your thing.

Flats with patio gardens are usually on the lower ground and ground floors; less popular with buyers, especially the security conscious, and so tend to be 10-20% cheaper than a flat on the same road, but higher up. A flat on an upper floor with a good roof terrace, however, is likely to be worth about 10-20% more than a flat on the same road without outside space and will sell much more quickly, and if you are a property investor, it is worth noting that a property with a roof terrace is much more likely to be rented out more quickly and produce a better yield.

If you’d like to find a property with a roof terrace to rival Vista at the Trafalgar and Kensington Roof Gardens then give the best London Buyer’s Agents, Manse & Garret Property Search a call today.

Technorati Tags: London Buyer's Agents, London Flats, London property, London property finders, London search agents, outside space, summer

Tags: London Buyer's Agents, London Flats, London property, London property finders, London search agents, outside space, summer