£1m-plus homes boom boosts the property market

Recent reports suggest that sales of £1m-plus homes soared by 80% last year to levels close to the height of the housing boom in 2007. Prime markets do not have the same mortgage constraints as the mainstream because the buyers have plenty of equity whilst a high percentage do not require finance, as is the case with many overseas buyers that have boosted demand.




Two factors for sellers to take into account in 2011 are the rise in stamp duty for properties above £1 million which will be elevated from 4% to 5% from 6th April. This will see many purchasers wishing to complete before the end of March to ensure they avoid the extra charge. The second factor is bonus season in the City, with firms handing out approximately £7 billion in discretionary payments to individuals that may look to purchase main residences or second homes in popular areas such as Berkshire, Surrey and Hampshire.

Longmoor Lodge £2,995,000
Stamp Duty now £119,800 - Post April 6th £149,750

Warrenside £1,350,000
Stamp Duty now £54,000 - Post April 6th £67,500







I would urge clients to beat the rush that inevitably happens around Spring and place your property to the market now, whilst demand remains strong for top-end houses.

PhD - The Prime Market Specialists