Most top houses go to overseas buyers
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.