Autumn Statement: The property industry reacts
Simon Barnes: “The introduction of CGT on overseas property investors will have little effect on the sales of houses or large apartments in prime central London as many of these are bought by offshore companies and not by individuals. However the development and sales of small flats in new developments along the Thames will undoubtedly be affected.
At present many of these developments are targeted at the overseas, predominantly Asian market and are sold off-plan and en mass at premium prices. Relying on the local market will never guarantee the quantity of sales at the prices needed by developers and there is a real danger that many will be left with rafts of small, expensive unsold flats as a result of this measure.”
Prime Resi: December 5 2013
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