Higher stamp duty hasn’t slowed down sales of expensive properties
The number of properties sold in the UK valued at £1m and over has increased in the first half of 2016. With a 12% increase in the number of high-value properties sold, it runs counter to fears that higher stamp duty and uncertainty caused by Brexit would affect sales. This increase comes after a 6% fall in high-end property sales in the previous year.
However, changes to stamp duty made in 2014’s autumn statement has increased the value of properties over £1m, so sales at the top end of this market have slowed, decreasing the average value of high-end houses.
According to data from the Land Registry and Lloyds bank, 4,238 of the 6,684 properties were sold in London. The north east of England saw an 83% increase in sales of high-end properties – however, the total number of £1m-plus houses sold was only 11.
It also seems that people looking at the very top-end of the property market are opting to let – with £5000-plus per month lettings rising by 16% – because of uncertainty in house prices if they were to buy.
If you’re looking for a property prices at £1m or over, Oracle’s independent mortgage brokers have all the expertise and market contacts to find the best mortgage deal. Give us a call now on 020 7112 8842 or request a callback.