Stamp duty increase pushing up demand in London property mark | Europe | News
It is widely expected that the upcoming increase in stamp duty in the UK property market is unlikely to affect the prime sector but buyers will be looking to complete sales before the rise takes effect, it is claimed.
The increase stamp duty, from 4% to 5%, on properties selling £1million and above takes effect on 06 April this year. It is creating demand for completions, according to leading estate agents Winkworth.
‘The impending increase in stamp duty has generated impetus on the demand side and we are currently negotiating on four properties priced between £2 to 3 million, all with buyers looking to complete before 05 April. In these cases, the new stamp duty levy would incur an additional £20,000 to £30,000 in taxes,’ said Alex Thompson, director at Winkworth Notting Hill.
Adrian Philpott, Sales Manager, Winkworth West End, adds that the additional duty at these price levels is not likely to deter buyers. ‘Although buyers have occasionally mentioned the stamp duty increase, we don't expect it to be a deciding factor for many of them of this calibre,’ he explained.
Oxford Homes Direct are estate agents in Oxford. Letting agents,Oxford. House to rent Oxford. Property for sale Oxford. Flats in Oxford for rent. House for sale Oxford. Apartments for rent Oxford. Find houses Oxford. Rooms to rent Oxford. Homes direct in Oxford. Make the right move & find Oxford apartments, estate agents Oxford. www.oxfordhomesdirect.co.uk Oxford estate agents & Oxford letting agent. Rightmove, Oxford. Primelocation, Oxford. Rightmove, Oxford
No comments:
Post a Comment