Even after the overwhelming increase of taxes for stamp duty in the year 2014, London’s Prime Central real-estate sector for high-end homes has been performing exceptionally. Up until the month of July, homes that were valued above the US $12.48 Million/ £10 million experienced a decline of 3 percent as opposed to the prices previous year. This decrease in real-estate property price was the smallest when compared to the data accumulated over the year by property consultants and estate agencies.
As compared to the properties valued above £10 million, the properties with a lower value (£5 million and £10 million) experienced a price drop of 4 percent. On the other hand, the properties valued from £2 million to £5 million experienced a decline of 4.8 percent in the market price.
But the most significant price decline was seen for properties that were valued less than £1 million. These properties experienced a whopping 6.1 percent decline in their prices which is the highest for the year.
The super-rich are now taking advantage of Brexit-induced decrease in the overall value for sterling. This has helped the financially blessed to purchase 3-times as many properties worth more than £10 Million as compared to what they could purchase before the referendum vote.
Around 300 homes were sold for a price tag higher than £10 Million this tax year as opposed to the previous one when just 100 were sold.
The main property market experienced the transaction levels rank up considerably after the voting for EU referendum.
However, towards the higher-end of the real estate market, activity levels amped up heavily as the ultra-wealthy buyers saw an opportunity to cash-in upon the rapidly declining prices.
The weakening of sterling directly means that a good chunk of the buyers come from the overseas. This means the declining properties rates have led to higher sales for the foreign investors who for long have been looking for a bargain deal.
All-in-all, the current real-estate market for high-end properties in the UK is nothing less than a golden goose for the investors looking for a sweet deal. Brexit being postponed along with Boris Johnson taking over as the current Prime Minister of the United Kingdom has surely worked in favour of the high-end properties in the country with increased sales.
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