Deals rushed through to save on stamp duty A number of London estate agents registered a surge in high-end property transactions rushed through to completion following the chancellor’s Autumn Statement, which announced higher rates of stamp duty to be implemented almost immediately after the address – from midnight onward. Giles Milner, Chesterton’s MD, said that the “phones were ringing off the hook. There was a lot of confusion.” Overall, over £200m of property was sold in the hours following the changes being announced, with Beauchamp Estates claiming it exchanged £100m of contracts over the 24 hour period in which the Statement was given. Some deals were completed just minutes before the changes took effect, with one purchase of a £30m home in Surrey completing at 11:45pm, saving the client more than £1.4m. Experts say Londons most expensive homes will see values weaken as a result of the changes. The Mail speaks to those who benefited, noting many saved thousands of pounds. Elsewhere, the Scotsman reports that sellers in Scotland are also rushing to get their £254,000-plus homes on the market before LBTT takes effect in April, taking advantage of the new Westminster system which is cheaper than the SNP’s on homes over the aforementioned threshold. Scottish Conservative leader Ruth Davidson and her party are expected to push for changes to LBTT before it is implemented, as it would send the cost of buying homes in certain areas up, which they oppose. ft/cms/s/0/57895698-7bc4-11e4-a695-00144feabdc0.html
Posted on: Fri, 05 Dec 2014 12:51:57 +0000
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