Stamp duty hits £1m-plus homes
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.