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Alistair Darling's stamp duty announcement in the recent budget may lead to a short-term, sharp rise in demand for properties worth £1million or more, according to a BBC report. High-end property finders such as Elite Property Search may see an increase in enquiries from buyers and sellers of such properties in an attempt to beat the new stamp duty rules, which come into force in April 2011. Under the new rules, stamp duty will be increased to 5% for properties worth over £1m.
The million pound plus property market has remained strong despite the country's recent financial crisis, and house prices on some of the most exclusive streets in the UK have continued to rise. Although the country's most expensive properties are in London, areas such as Poole have also seen a lot of activity at the higher end of the market.
Max Storey, Director of Elite Property Search, commented: "Elite Property Search expect enquiries and transactions to increase ahead of the new stamp duty rules coming into force in April 2011. The news has certainly had a positive impact so far with two £1m+ deals agreed since the announcement on Wednesday!"
For most people, buying their new home is the largest single financial investment they will ever make, which is why getting it right is so important. Elite Property Search are a buyers agent who fully appreciate the investment of time as well as money that their customers put into finding a new home.
When searching for million pound houses, you will most likely have a strict remit of what you want. A key factor in saving you time on your search is by selecting only the properties that meet those stringent requirements, so you don't waste your time browsing or viewing unsuitable properties. Each home and each area is unique, and you will have made many decisions before you begin your search.
There are extreme variations in the types of property available for £1million plus - not just between different counties, but even within counties themselves - and if the BBC report is to be believed the number of these properties on the market looks set to increase in the months leading up to April 2011, meaning there will be even more to wade through. That's where buyers’ agents such as Elite Property Search can help.
As property finders, Elite Property Search have expert market knowledge and considerable experience, having visited hundreds of million pound houses, enabling them to act on buyers' behalf to ensure they are buying in the right area, whether you are seeking a London town house, a country home or something else.
The BBC report can be found on http://news.bbc.co.uk/1/hi/business/8585423.stm