What affect will Rachel Reeves have on landlords and commercial property owners?
Leading London and Kent law firm Thackray Williams has seen a surge in demand from clients, nervous about potential tax changes in Labour’s first budget at the end of this month, looking to liquidise property assets.
The increased activity is across the board, with the Private Wealth and Real Estate sectors seeing particularly strong increases in instructions from clients looking to transfer and liquidise assets, prompted by concerns about the implications of measures tipped to be announced by the Chancellor on 30th October.
“We have seen a more than 200% increase in the last couple of months in enquiries from clients looking for tax advice and especially around the possibility of transferring assets out of their names to take advantage of the current rates of Capital Gains Tax (CGT),” says Elliot Lewis, who has headed the Private Client department since 2014.
“It has been widely predicted that Rachel Reeves will increase Capital Gains Tax, potentially from its current rates which range from 10 to 28% to as much as 39%. This has caused an enormous amount of anxiety and led to clients looking at bringing forward plans to transfer assets away to crystalise gains at what may be a cheaper tax rate,” he explains.
This is feeding directly into increased work for the Real Estate sector, with high levels of both homeowners and businesses with property trying to sell. “We have seen a 50% increase in instructions in the last three months, compared to the same period last year,” comments the sector head Vikki Herbert. “We also have a number of transactions with a deadline of 29th October.”
“The suggestion that pension pots could be liable to Inheritance Tax (IHT) is also prompting people to seek advice as to whether they need to rethink their investment strategies,” adds the Head of the Private Wealth sector, Anthony Macey.
The increased instructions highlight the need for long-term, strategic investment and tax planning, suggests Anthony Macey: “We can predict that governments, tax and legislation will change. It’s therefore advisable to have a wealth and tax management strategy that spreads your vulnerability across different types of investment, to reduce your exposure to any one tax change.
“Ideally, you should plan your personal and business investments and inter-generational wealth management with experts from the start. But, if like most people, you have grown your investments organically and now find yourself very exposed to potential changes in CGT or IHT, you should still take expert advice to understand all your options before making decisions that could have significant consequences.”
Vikki Herbert, head of Thackray Willams’ Real Estate sector comments, “Whether you can beat any increase in Capital Gains Tax will depend to a large extent on when any rise comes into effect. If Rachel Reeves announces an immediate hike, unless you have sold and completed the sale of your property on or before 29th October, you will be subject to the new rate.
“A delayed introduction may create an apparent window to complete sales while the current rates are in force. However, with many property investors nervous about the implications of leasehold reform and new renters’ rights, an increase in CGT may well accelerate decisions to disinvest.
“There is therefore a strong possibility of a glut of properties coming on the market as landlords and commercial property owners try and complete sales before any future increase. As we saw with the property boom in the pandemic, this can create bottlenecks, which still might make it ambitious to complete in time.
“The best way to manage any property portfolio is therefore to have a strategic investment plan for the long-term, rather than reacting to ad-hoc legislative and tax changes.”
Elliot Lewis, (Pictured) head of Thackray Williams’ Private Client department comments, “The difficulty with doing any tax planning at the last minute is always to ensure that you are doing these things for the right reasons and that you fully understand the implications of transferring assets across.
MetaWealth launches Greece’s first Tokenised Real Estate investment opportunity
MetaWealth, a tokenised real estate investment platform, announced the listing of Greece’s first tokenised real estate investment. The listing of 12 apartments in the Urban City 44 development empowers individuals to fractionally invest in international-grade real estate in the heart of Athens.
Urban City 44, located in central Athens with views of the Acropolis and developed by Astrea International Properties, is a high-end development of 210 serviced apartments for discerning travellers. MetaWealth’s $1.475 million investment opportunity consists of 12 units available to investors through 14,753 tokens listed at $100 per token. The offer period will close on the 26th of November, with the investment exit scheduled for 2026.
The company utilises blockchain technology to enable fractional investment in real estate assets, democratising access to property investing by transforming each property into digital tokens representing ownership. The listing of the properties on the company’s platform is the first tokenised real estate investment opportunity in Greece’s history, introducing a pioneering technology to one of the EU’s fastest growing real estate markets.
Darren Carvalho, Co-Founder and Co-CEO, said “We’re thrilled to list the first tokenised real estate investment opportunity in Greece, democratising access to the Greek property market and further establishing MetaWealth as a leader in the global real estate investment industry.”
“The Urban City 44 development is a fantastic option for individuals looking to secure their financial future and gain access to an investment class previously reserved for large corporations or high-net-worth individuals. Over the next few months, the company will continue its extraordinary growth with listings in new countries and sectors.”
This listing of these property assets may be the first investment opportunity in Greece, but are the fourth country supported to date. This strategic move enables the platforms users to invest in one of the EU’s fastest growing property markets, following a MiFID II and FCA-compliant investor screening, onboarding and monitoring process, with best-in-class systems and expertise.
MetaWealth’s real estate investment platform launched in 2023, tokenising international-grade investments in property developments in a mission to boost access to traditionally high-barrier investments. It first offered property investment opportunities in Romania, the EU’s fastest growing economy, and following high demand from investors, expanded its platform with investment opportunities in Spain last December.
Tour24 is optimizing leasing operations in multifamily real estate
Proptech raises $5 Million in Series-B Funding – Tour24 is a service for the multifamily real estate sector, allowing property owners and operators to streamline their leasing processes through innovative, self-guided touring experiences. Designed to meet the modern renter’s demand for flexibility, it lets prospective tenants schedule and explore apartment communities on their own time, even outside regular office hours, including evenings, weekends, and holidays.
The platform enhances the apartment touring experience by allowing owners to provide curated, pre-recorded audio descriptions of key features such as luxury kitchens or state-of-the-art fitness centres. This customization ensures that prospects receive relevant insights about the property as they walk through, making it easier for them to envision their new home.
Using Bluetooth beacons strategically placed throughout the property, Tour24 tracks how long visitors spend in different rooms or amenities. This data allows multifamily owners and operators to assess the effectiveness of tours and tailor their follow-ups based on the prospect’s interests, helping to close deals faster.
Additionally, the company takes care of the logistics behind self-guided tours, offering features like ID verification and access control through smart locks or conventional keys. Its user-friendly platform recently introduced new functionalities like Face ID, fingerprint login, real-time “Tour Now” scheduling, and calendar integration, making it even more convenient for prospective renters. The app also simplifies the leasing process by allowing renters to apply for leases immediately after their tour, creating a seamless experience from tour to lease.
“While the COVID-19 pandemic created an immediate demand for self-guided touring solutions, appetite for platforms like Tour24 has remained strong, especially as recent economic conditions have compelled many multifamily owners to optimize operations and cut costs,” said Georgianna W. Oliver, founder and CEO.
“… we are dedicated to providing an elevated touring experience to prospective residents that acts like an agent while giving owners the tools they need to fill units faster and better utilize their onsite staff. We’re thrilled to work with a partner like RET Ventures, whose deep industry connections and expertise will enable us to enhance our technology further and deliver the best experience possible to owners and residents alike.”
Headquartered in Boston, the company currently operates in 525,000 units across 2,065 multifamily properties in the U.S., with clients including GID, Berkshire Residential Investments, Highmark, AMLI Residential, and LCOR. The platform integrates with top property management systems and other property technology solutions, such as Yardi, Entrata, RealPage, EliseAI, and Brivo, offering multifamily operators a seamless way to incorporate self-guided tours into their existing workflows.
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 100K followers & readers, he is the 'Proptech Realestate Influencer.'
