Prime buyers sit tight

‘Estate agents have reported that the top of the property market has cooled down, as wealthy international buyers sit tight till the chancellor has delivered the Autumn Statement.

Research by Knight Frank has found homes costing £2m plus were down 33% in the third quarter of this year.

The £2m-£5m market was hardest hit with a 44% decrease in activity. Buyers are thought to be concerned by changes to CGT, the possible introduction of a levy on expensive properties bought through a company and the already announced stamp duty increase.

WA Ellis’ Giles Cook tells the Times that he has already seen an increase in rental worried investors selling property held in offshore structures.’

Source: The Times



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