Tag: London Central Portfolio
Receipts from the Higher Rate for Additional Dwellings (HRAD) showed the additional 3% stamp duty land tax on buy-to-lets and second homes, fell by 24.6% to £372m. HRAD transactions dropped by 14.7% to 54,160.
Annual new build sales have fallen by 13.8% in prime central London with quarterly transactions plummeting to 88, London Central Portfolio (LCP)’s latest Residential Index reports have found.
London is paying at least four times more stamp duty than the rest of the country at £27,232, an analysis by London Central Portfolio found.
House prices have fallen for three months in a row: by 1% in October, 2.4% in November and 1.4% in December.
The average price for buy-to-let properties has fallen 27% to £816,429 over the last 12 months.
In contrast prices at the top 10% of the market, with average prices in excess of £6.5m, have slowed by 8% since the third quarter of 2014.
Despite the setback the Conservatives are set to form a government with Northern Ireland’s Democratic Unionist Party after gaining 318 seats, eight short of a majority.
The report was based on HomeLet statistics.
The number of transactions for the last year stand at 3,696, one of the lowest annual figures since Land Registry began recording transactions.
But unsurprisingly estate agents in the UK aren’t exactly thrilled by yesterday’s Autumn Statement announcement.