Stamp duty hits £1m-plus homes

Yorkshire Post - Property - - PROPERTY -

THE new five per cent stamp duty rate for prop­er­ties over £1m, which comes into force on April 6, will im­pact on Lon­don and the South East and North­ern wealth hotspots like Har­ro­gate, ac­cord­ing to re­search by Sav­ills.

Fig­ures show that some 82 per cent of all sales at or above £1 mil­lion oc­cur in Lon­don and its neigh­bour­ing coun­ties of Es­sex, Hert­ford­shire, Buck­ing­hamshire, Berk­shire, Sur­rey and Kent.

Sav­ills say buy­ers are bring­ing for­ward com­ple­tion dates for sales over £1 mil­lion, and have ex­am­ples of sell­ers agree­ing to com­pen­sate their buy­ers if a sale does not com­plete by April 6.

They ad that when the rate rises, roperties mar­keted at £1.025m will strug­gle to sell above the £1m mark.

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