Top 10 London Selling
In 2009, when James GilbertGreen first started selling properties in Belgravia, the landscape looked entirely different. If someone bought in prime central London and then changed their mind, all they had to do was ‘swallow 3 per cent stamp duty and resell’, says Gilbert-Green, who has just moved from partner at Strutt & Parker to director at Savills.
‘There was no capital gains for foreigners, no inheritance tax – the market was going up 10 per cent a year,’ he adds. ‘Nowadays, the market is flat or negative, with maximum 15 per cent stamp duty. So if the market goes down 5 per cent you’ve lost 20 per cent just on that purchase.’
Despite these changes in property as an asset class, Gilbert-Green is still seeing a steady influx of big buyers looking to put down roots in London.
‘The great thing here in London is that the rule of law is very clear and fair, and there is definitely still an interest from foreigners who have more risk abroad’, he says.
Before leaving Strutt & Parker in June 2017, he sold three houses on Egerton Crescent and three flats in One Hyde Park, including a one-bed for £6 million and a two-bed for £18.5 million. However, the ‘proactive, professional and passionate,’ adviser’s most memorable experience is still the first One Hyde Park resale for £17 million – £6,000 per square foot.