Asking prices for luxury London properties crumbled last month - there is one reason why
Britain, especially London, is experiencing a significant supply and demand imbalance when it comes to housing - meaning property prices are at record high levels. Buying a place in Britain's capital costs, on average, over half a million pounds.
However, luxury estate agent Knight Frank revealed in its latest Prime Central London Sales index for March that asking prices tanked in some of the capital's most prime areas last month, seeing a huge "double digit decline."Why? - because of the 3% stamp duty rise in April. This chart shows the price tumble:Advertisement
In turn, since asking prices were lower, this led to transaction volume growth in some property brackets:
Stamp duty is payable on completion of the property - once both vendor and buyer sign all the documents and the funds for lawyers, housing deposit and/or capital, are transferred in one go via your solicitor. So, considering it takes a minimum of around eight weeks to complete on a property, many people may have held off on purchasing a property in the first quarter this year.
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