London buyers slash offers.

Much of the news following the Chancellors Autumn Statement centred around stories of agents and lawyers burning the midnight oil to get high-value deals exchanged to avoid the buyer paying the new (higher) rate of Stamp Duty Land Tax. Not all the stories seemed credible to me but who am I to doubt selling agents PR?

Rather than rush to exchange I advised a couple of clients to reduce their offers and take their time to do the due diligence.

I mentioned this to one journalist. Why rush to exchange when you could reduce your offers in the wake of the new higher transaction costs? The story made the front page of the London Evening Standard and page two of the Telegraph the next day under a headline “Gazundering is back!”. Several Red Tops picked it up subsequently as did industry websites like Property Industry Eye.

London Evening Standard