Latest news with #BenhamandReeves
Yahoo
3 days ago
- Lifestyle
- Yahoo
The Notting Hill neighbours divided over tourists flocking to their Instagrammable homes
Buying in London is famously the UK's costliest area to purchase property - but does having an 'Instagrammable' house make it worth more, or less? Residents on one Notting Hill street are currently asking themselves that question. Homeowners frustrated at the steady stream of influencers snapping their colourful front doors have taken drastic action to ward them off, while others welcome the near-daily tourists as 'entertaining'. But as homeowners on the photogenic street continue to see snap-happy Instagrammers on their doorsteps, a property expert has explained why living on a street with social media notoriety can be both positive and negative for your house value. Marc von Grundherr, Director of local estate agents Benham and Reeves told Yahoo News that due to the high house prices in Notting Hill and its worldwide reputation, it's "unlikely that any potential buyers ... will see the value in being plastered all over social media by a plethora of 'influencers." Peter Lee, 80, who owns a vividly pink terraced house in Notting Hill, is visited daily by people using it as a backdrop for their social media pictures - with some performing acrobatics to get the perfect shot. Lee, who has lived in his home for 47 years, is committed to its pink colour - so much so that he is currently having it re-painted. The former fashion designer said he's seen people doing the splits in front of his steps - and even balancing on his railings. Others - sometimes dressed in just a leotard - come onto his property and lean against the front door. Lee said that many influencers will spend entire mornings outside his home - even undergoing outfit changes. He said: "I don't really mind the crowds. I have cameras so it does amuse me to just watch their antics. Recently I looked outside and there was someone having their photo taken - with three others queueing for their turn. "I know it bothers others but it doesn't really bother me. I just think, 'Live and let live'. Life's too short." View this post on Instagram A post shared by Sandra Rozalia (@sandra_rozalia) Instagram is full of pictures of people documenting their trips to London with stop-offs at some of its iconic residential streets. People from the UK and around the world pose for hours right outside people's front doors to get the perfect snap. View this post on Instagram A post shared by Inbal Zamir (@inbal55) View this post on Instagram A post shared by ᴊᴇɴɴɪꜰᴇʀ | ᴍᴏᴅᴇʟᴏ ʏ ᴄʀᴇᴀᴅᴏʀᴀ ᴅᴇ ᴄᴏɴᴛᴇɴɪᴅᴏ✨ (@jenniferfernan) Although Lee has found entertainment in the phenomenon, he understands that others might find it frustrating. He said he once noticed the tiles outside his front door were cracked, something he blamed on women in heels jumping up and down as they posed for photos. He said the repair bill ran into the thousands. Down the road from Lee's property residents of Lancaster Road have taken action to stop people from taking photos outside their homes. The road is located just metres away from Portobello Road Market in west London and is a popular tourist destination. Residents say influencers have gone as far as having picnics on their doorsteps, As a result, three houses on the road have ditched their previous bright exterior - in the hopes that black walls are "less Instagrammable" - and will therefore stop people coming there. A 'quiet zone' sign has also been put up - and one property further down the street has even strung a rope across their front steps. George Hencken, who has lived in Notting Hill for 29 years, said: "Our home used to be pink but we painted it grey around seven years ago. "The point was to be an unphotogenic colour. "But the thing is, and something those who have painted their homes black will soon find out, is that even if people aren't using their house as a photo backdrop - they'll still be here." Hencken explained that what frustrated her most was that none of the tourists or influencers seemed to have any idea of Notting Hill's history. She said: "This area used to be a proud rebel corner in west London. Yes, there are expensive houses, but this street also has a lot of social housing. They don't know the history. "Ever since Richard Curtis made that stupid film every American banker or rich guy from Switzerland who spends a few months here, when asked where they want to live, says: 'Oh, my wife likes that film.' "It's changing the area. Our doorsteps used to be social places. We'd sit out here and chat to friends and neighbours. "But now you can't do that. If you do, any random person thinks they can come and sit here too." Many are afraid over how the increased tourist attention could impact their house value. Benham and Reeves's Grundherr said: "Generally speaking, any exposure that drives the popularity of a particular pocket of the property market can be viewed as a positive. That's because the higher the demand for homes, the more likely it is that house prices will increase, especially if there is a limited level of stock." But he noted: "If the pendulum swings too far in the wrong direction, it can have a negative impact." Click below to see the latest London headlines
The Independent
17-02-2025
- Business
- The Independent
Half a million homebuyers face £11k cliff-edge in race to beat stamp duty changes
Over half a million homebuyers face losing an up to £11,250 in the coming months as they race to complete purchases ahead of Labour's upcoming changes to stamp duty, according to a property website. A new report from Rightmove shows that there are currently 550,000 homes which have been sold that are awaiting completion, up 25 per cent from the same time last year. And with the average time to sell a property now sitting at five months, the race is on to complete these sales before 1 April, when the thresholds for stamp duty will be lowered. Currently, first-time buyers pay no stamp duty when purchasing a home worth up to £425,000 thanks to 'stamp duty relief'. After this they will pay five per cent on the remaining amount, up to £625,000. From April, the threshold will drop to £300,000, and the higher amount to £500,000. In both cases, purchasing a property worth more than the higher threshold will remove the relief, and mean standard rates need to be paid. For anyone buying a second property, the threshold will halve to £125,000 from April. These changes were announced by chancellor Rachel Reeves at Labour's Autumn Budget. This means that from April, a first-time buyer purchasing a home worth between £500,001 and £625,000 will see a bill of £11,250, according to Rightmove. The popular property platform is now calling on the government to extend the deadline for changes to stamp duty until at least March. Rightmove's property expert Colleen Babcock said: 'The upcoming stamp duty deadline in England remains a key talking point, and while some movers may not be affected at all, others will be more severely impacted. 'We've previously suggested reforms such as regional variations in stamp duty charges to try and address some of the inequities in the current system. 'With the predicted conveyancing log-jam likely to cause some buyers to miss the deadline and end up paying more tax through no fault of their own, it would seem justifiable for the government to announce a short extension before the end of March.' Figures from Rightmove show that the average property price was up 0.5 per cent in February, to £367,994. This is below the longer-term average of 0.8 per cent, a 'proactive measure' says Ms Babcock, as sellers factor in the looming increase in stamp duty. Marc von Grundherr, director of London-based estate agents Benham and Reeves, told The Telegraph: 'The average London first-time buyer is set to see the stamp duty owed on their purchase increase by around £6,000-£10,000, so it's a considerable increase in cost. 'There has been some further negotiation with respect to offers submitted to try and alleviate the increase in stamp duty costs incurred, but the vast majority of buyers are proceeding as planned.' The figures come as Labour unveils its plans to streamline the house buying process, cutting back on wasted time and money. The Ministry of Housing, Communities and Local Government says the changes will improve digitisation and join up in the sector, saving around £400 million for both buyers and sellers. Announcing the plans, housing minister Matthew Pennycook, said: 'We are streamlining the cumbersome home buying process so that it is fit for the 21st century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.'
