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.
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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:- Two international substantially commercial firms are likely to merge that if successful would create the largest listed firm of solicitors in the country. Further details will be divulged if and when it completes.
Share This:- 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.
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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.
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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.
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