There was a flying start to the first quarter of 2011 particularly at the upper end of the market. In an effort to beat the arrival of the new 5% top band of Stamp Duty there was flood of sales completing before the 5th April. This new 5% rate now applies to all properties purchased over £1million and as a result of the rush we completed on over £16million worth of property sales in just one day!
April saw a rather inevitable slow down as the market caught its breath after this unprecedented stampede and there was the double whammy of back-to-back long bank holiday weekends providing ample distraction.
But now spring is in its stride and with it comes new shoots of optimism. The application for Olympic tickets has closed and the reality of hosting the games in 2012 is beginning to feel very real. Our villages may be a few miles from the Olympic one but there is no doubt that the international attention and ‘feel good factor’ that ‘2012’ is bringing to London will further cement the appeal and attraction of our extraordinary city and the property market to boot.
Director – Head of Sales, Mountgrange Heritage
Posted: 19 March 2011