Most top houses go to over­seas buy­ers

Yorkshire Post - Property - - PROPERTY -

KNIGHT Frank says house prices in Lon­don’s £10m-plus mar­ket have risen by 9.4 per cent in the last year.

Only a third of buy­ers of su­per­prime prop­er­ties have come from the UK since 2010. Their homes grew in value by three per cent in the three months to Au­gust, though Knight Frank is pre­dict­ing no rise next year, with a re­turn to pos­i­tive growth in 2014. The new top rate of seven per cent stamp duty on this price bracket has had lit­tle im­pact.

A call for an an­nual tax on £2m-plus prop­er­ties owned by “non-nat­u­ral per­sons” has caused a damp­en­ing ef­fect, al­though Chan­cel­lor Ge­orge Os­borne dis­missed the Lib­Dems call for a man­sion tax at the Con­ser­va­tive Party con­fer­ence.

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