Momentum lost in prime market
THE latest statistics from our industr y leading research depar tment have indicated that the prime regional and country house markets have lost some of the momentum seen in the first half of this year.
Despite an improving economy outlook, the current market sentiment is being attributed, in par t, to the effect of the higher rates of stamp duty introduced in 2012, specifically at the £2million mark, and has been compounded over the summer months by the Scottish referendum and ongoing political discussions surrounding mansion tax.
“The speculation about interest rate rises and pre-election rhetoric around a mansion tax and other ways to tax high value homes, will suppress the potential for fur ther growth in the shor t-term, even though the underlying fundamentals of the market remain sound.
“As a result, vendors who want to successfully sell will need to respond with realistic pricing.
“However, those serious about buying can still purchase, safe in the knowledge that the prime market in Beaconsfield and its environs offers incredibly good value relative to London and this will drive price growth over the longer term.”
“The market for proper ties priced between £500,000 and £1.75 million remains strong, with continued interest from those migrating out of London and a por tfolio reflecting some excellent quality stock currently available.”