House Hunters Flock To The East As Stamp Duty Cools London Market
With the rate of growth in the capital slowing for the fourth consecutive month, surveys show that as a result house prices in East Anglia and the East Midlands are rising at a faster pace. However, the rise in price within prime areas across the South East has slowed due to the recent rise in stamp duty, according to the Royal Institute of Chartered Surveyors’ (RICS) residential market survey.
The property market in London, specifically that relating to luxury homes, has been described as having a ‘lack of enthusiasm’ by local estate agents; as with rising prices, came rising expectations. “The market is very sensitive. Stamp duty is affecting the market in a negative way, although the market under £1m is active. Prices in the higher bracket will have to be reduced to stimulate interest,” said John Frost, managing director at estate agency the Frost Partnership.
Yet despite this slump at the luxury end of the market, we can see that the number of new properties up for sale is down for the 10th consecutive month. It shows that buyer demand has outpaced supply across all regions over the past six months, and the supply of homes hit a new low in November.
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