Property prices in prime central London have recovered to that seen a year ago. Gazumping is also on the increase due to competition.
Mayfair has seen the largest increase in residential sales whilst losing the biggest number of commercial tenants to the City.Share This:-
Central London has seen a large uptake in office space over the past four weeks. This has been dominated by the creative industries such as advertising and public relations agencies and fintech firms. Figures are up by almost one third on October last year. Off plan leasing deals have also increased dramatically with more than half of the buildings currently being built having deals undergoing due diligence by London solicitors.Share This:-
When considering employing at a senior level today the employer has to ensure that the contract takes into account the following issues:-
i) Bonuses and the form they take, as well as the salary
ii) Notice periods
iii) Restrictive covenants
iv) Equity and tax
Growth, in flexible working space is continuing apace and also in warehouse facilities; the latter being the conduit of distribution for the burgeoning internet market. These storage edifices are reported to be best sellers especially in the home counties including London. Space being at a premium, may well see these commercial facilities appearing adjoining residential homes.
Current currency rates ensure commercial property in London retains its appeal to investors especially to those of Asian decent.
Commercial solicitors in London have reported an increase in contract instructions. Many feel that this is due to the fact that post the Brexit vote American deals with the United Kingdom have increased recently compared to last year. This upturn however is not reversible i.e. it is not reflected with transactions between the United Kingdom and America.Share This:-
Prosecutions for commercial fraud are expected to rise this year due to a stronger commitment to bring proceedings under the Bribery Act 2010. It will be interesting to see how the offence of failing to prevent bribery is handled by both the prosecuting authorities such as the Serious Fraud Office and defendants alike.
The Criminal Finances Act currently forging its passage through Parliament, as a Bill, should bring some tantalising developments.
Commercial property solicitors in London have ‘inboxed’ their employment departments to brace themselves for a substantial increase in contract work.
Purchasers have spent £1billion on retail space in central London in the first six months of this year originating particularly from Singapore and Hong Kong. The City unfortunately is not faring as well due to the Brexit vote and the uncertainty of its position with the European Union.
The changes made to entrepreneur’s relief and to capital gains tax by the Budget in March have made growing businesses and start ups more attractive as investment vehicles many commercial solicitors in London are reporting. Capital gains tax was cut from 28% to 20% for top rate tax payers and from 18% to 10% for basic rate tax payers.
Long-term shareholders in unlisted companies are to receive a boon as entrepreneur’s relief is set to be extended.
Employment solicitors in London are bracing themselves for a flurry of activity in the preparation and reviewing of settlement agreements and tribunal proceedings.
Banks such as Credit Suisse, Barclays and Deutsche are reducing their investment banking departments and some are reducing staff numbers by thousands. Challenging market conditions, unprecedented low levels of client business, exposure to illiquid inventory and an inflexible cost base have together conspired to create an extremely depressing scene.