The story of OnTheMarket.com

On The MarketAbout seven years ago a sales representative from one of the two major portals came to me and asked for a 50% increase in our yearly tariff.

I was so horrified at the audacity of this proposal, that I thought I had misheard him. “Did you say 15%”? Even this ‘stuck in my craw’ as it was the equivalent of seven years worth of inflation in one hit. “No” he retorted, “I said 50%”, my worst fears were confirmed. He then tried to diffuse my mounting anger, by sheepishly asking me “not to shoot the messenger”. He explained that it was a diktat from the “head honcho” and there was nothing he could do about it.

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Rents of £25,000 per week: The emergence of the ‘Uber Tenant’

The only real benefit of the foolhardy Non Dom tax changes, instituted in the Autumn Statement of 2014 and exacerbated by the Referendum/Brexit result, is the emergence of the ‘uber tenant’.

These are international, high net worth individuals, who would have ordinarily bought substantial mansions of £20-50million each, but instead have chosen to rent these properties at eye-wateringly high levels which, in some cases, have exceeded a staggering £25,000 per week.

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London Property Market: more activity in the last 8 weeks than the previous 2 years

Halleluiah, there has been more activity in the last eight weeks in the London Property Market, than in the past two years.

After all the negative effects of the Stamp Duty hikes, Non Dom changes etc., the middle to upper sectors of the London property markets have been in a parlous state. Values have been dropping by 25%, or more, and the time taken to sell properties in excess of £5million, has increased from say six months to 18 months. Frankly, in 40 years of trading I have not witnessed such an extended malaise, without any end in sight.

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