{"id":1488,"date":"2016-01-20T13:42:21","date_gmt":"2016-01-20T13:42:21","guid":{"rendered":"http:\/\/poseidon-gp.com\/property\/?p=1488"},"modified":"2016-01-20T13:42:21","modified_gmt":"2016-01-20T13:42:21","slug":"prime-property-in-london-declines-while-the-price-of-lower-priced-homes-continues-to-rise","status":"publish","type":"post","link":"https:\/\/poseidon-gp.com\/property\/prime-property-in-london-declines-while-the-price-of-lower-priced-homes-continues-to-rise\/","title":{"rendered":"Prime property in London declines while the price of lower priced homes continues to rise"},"content":{"rendered":"<p><strong>Sales of property in London costing \u00a32million or more declined by 64 per cent in 2015 according to new figures<\/strong><\/p>\n<p>A report by London estate agent Douglas &amp; Gordon found that the stamp duty overhaul at the end of 2014 had caused the prime London property market to collapse by nearly two thirds last year.<\/p>\n<p>Tax on properties up to the \u00a3937,000 mark decreased following the removal of the old slab structure but for properties valued above \u00a31.5million a 12 per cent levy was introduced.<\/p>\n<p>The estate agent say that this increase is the behind the decline in transactions of prime property in London as well as a 1.4 per cent drop in sales values in that segment of the market in 2015.<\/p>\n<p>Executive director of Douglas &amp; Gordon Ed Mead said: \u201cThe significant drop in sales of \u00a32million+ properties during 2015 shows the profound impact of the SDLT changes.<\/p>\n<p>\u201cTax revenues will have fallen sharply as a result, so we would urge the government to consider lowering the higher SDLT rates.\u201d<\/p>\n<p>However, at the lower end of the market prices are expected to continue rising this year due to a lack of supply.<\/p>\n<p>Recent figures from the Royal Institution of Chartered Surveyors (Rics), showing that the supply of homes on the market is at a record low.<\/p>\n<p>Meanwhile, HM Revenue and Customs (HMRC) figures have shown that UK home sales during September to November were 5.2 per cent higher than in the same three months a year earlier.<\/p>\n<p>A \u201cbumper backlog\u201d of nearly half a million homes across England are still waiting to be built after being given planning permission, according to separate analysis released by the Local Government Association (LGA).<\/p>\n<p>A study commissioned by the LGA found that 475,647 homes were yet to be built across England in the financial year 2014\/15 after being given planning permission.<\/p>\n<p>Mr Mead said: \u201cLooking ahead, we are expecting the market to be split around the \u00a31.5million mark.<\/p>\n<p>\u201cProperty worth up to \u00a31.5million could grow in value by as much as 5 per cent, but owners of any property worth more than \u00a31.5million can expect a static year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales of property in London costing \u00a32million or more declined by 64 per cent in 2015 according to new figures A report by London estate agent Douglas &amp; Gordon found that the stamp duty overhaul at the end of 2014 had caused the prime London property market to collapse by nearly two thirds last year. 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