Thursday 31 May 2012

BBC News - House prices: A tale of £2m properties

BBC News - House prices: A tale of £2m properties

Looking out the snooker room window across the lush green grounds of up-for-sale Loynton Hall, it is hard to imagine that a one-bedroom city flat could fetch more from buyers.

Yet offers have already been turned down at higher values for the apartment tucked into the ground floor of a Regency building in Notting Hill, west London.

The tale of these £2m properties tells the story of supply and demand during the worst of times - a recession - and of geographical differences in UK house prices.

It also sheds a light on the £2m-plus residential market as the government starts to levy a new 7% rate of stamp duty.
'Selling a lifestyle'
A total of 96 homes were sold in England and Wales for more than £2m in February, according to the latest Land Registry figures. Of these, only 15 were outside London.

Loynton Hall
Six-bedroom Loynton Hall stands in 12.5 acres of land in rural Staffordshire

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