Cluttons has seen a number of properties exchange contracts and complete successfully since the new higher tax bracket was introduced and has continued to agree new offers on properties worth in excess of £2 million. There has been no evidence of price renegotiation or buyers requesting that sellers share the additional buying costs.
James Hyman, partner for residential sales at Cluttons, said:
“Buyers have taken a very mature attitude towards the comparatively small additional cost when purchasing above the £2 million mark, accepting it is part of the premium they need to pay in order to secure the property they want. They believe that the momentum of the market will deliver price gains over the coming years which are considerably greater than this increased upfront cost.
“The market is exceptionally buoyant, stronger than it was this time last year, and sentiment in prime Central London is positive across the board, despite the best efforts of the Chancellor.”
