Thomas Moran and Ruth Morris write for Prime Resi on the future of London's prime property market
Samuel Johnson thought that London offered all that life can afford, and anyone who tired of England’s capital city must be tired of life. Some 300 years later, London maintains a unique position as a melting-pot for the world’s ideas and people. One of the most multicultural locations on the planet, it enjoys a dizzying selection of shops, restaurants and arts venues, architectural jewels ranging from medieval palaces to glass skyscrapers, and access to top-class school and higher education opportunities. The city is powered by the engines of finance and commerce that have provided the energy for its expansion since Roman times.
Despite this, for every enthusiastic Dr Johnson there is a Dickensian Scrooge. Brexit was widely forecast to begin an exodus of talent from the UK and London in particular. Although it is probably true that in finance, leaving the EU has opened the door for Paris and the European banking hubs in specific sectors of the industry, the mass departure of staff has not so far materialised.
While the anticipated flood of bankers moving from the UK to Paris is more of a steady trickle, there are potential headwinds to be aware of, though...
In an article for Prime Resi, Thomas Moran, Partner, and Ruth Morris, KDL, examine whether London's appeal as a high-end hotspot is really under threat from other European hubs, ie - Paris or Milan.
In the piece, they consider the impact of:
- Changes to 'carried interest'
- Non-dom tax changes
- Alternative regimes ie - the Italian lump sum tax regime
Read the full piece in Prime Resi here (subscription required).
