Sales of top-end homes continued on a downward spiral after the Government introduced a stamp duty hike on properties worth more than £2 million, Land Registry figures showed today.
The number of homes which sold for more than £2 million saw a 40% year-on-year fall in April to 114, following an equally dramatic 40% annual drop recorded in March during last month's study.
A 7% stamp duty rate was imposed on homes in this bracket from March 22, causing estate agents to warn that some sales further down the property chain would also crumble as a result.
Sales of homes worth £1 million to £1.5 million plummeted at an even faster rate, by 47% year-on-year, to 248 in April, the latest month for which the figures are available. Sales of properties worth between £1.5 and £2 million were down by 38% annually, to 106.
A 7% stamp duty rate was imposed on homes in this bracket from March 22, causing estate agents to warn that some sales further down the property chain would also crumble as a result.
Sales of homes worth £1 million to £1.5 million plummeted at an even faster rate, by 47% year-on-year, to 248 in April, the latest month for which the figures are available. Sales of properties worth between £1.5 and £2 million were down by 38% annually, to 106.
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