House sales news - Solicitors and agents right to fear stamp duty hike

Following an increase in stamp duty for properties valued at more than £2 million, some house sales solicitors are concerned that the trade in high-end properties could slow to an all-time low and it appears that new figures are backing up this view.

In March the rate of stamp duty for high-end properties was increased to 7% and the Land Registry have just released figures which saw sales in this sector fall by 40%.

In 2011, 205 homes were sold for more than £2 million in March, but this year's figures show just 124 such properties were sold.

When the increase was announced, estate agents voiced concerns that the raised level of duty could spell disaster for certain chains which specialise in high-value properties.

However, Chancellor of the Exchequer George Osborne maintained that the move had been justifiable. He said that an increase in stamp duty is "fair when money is tight, and so many families could do with help that those buying the most expensive homes contribute more".

London house sales solicitors will be pleased to learn that despite the increased stamp duty, the region remained the most buoyant in the last 12 months, with average property values increasing by 7.7%.



Call now to find out how we can help
Chichester
01243 786 668
Bognor Regis
01243 829 231

From the blog

Social Media And The Law. Beware!

Most of us now use or have access to 'social media' of some sort. Twitter and Facebook are very much part of our everyday lives enabling any of us to communicate and express our views to both close friends and a wider audience.

Read more...

Negotiating an Agreement – Pitfalls to avoid

We all form contracts every day. Not all contracts need to be in writing (though some, such as some land contracts, do). When you buy a loaf of bread from your local shop, you offer to purchase it, the offer is accepted by the baker, you pay them your money and acquire your loaf. Congratulations, you have successfully entered into and performed a contract.

Read more...

Optimism over Chichester weather response

It's a fine balance for councils and businesses: when extreme weather strikes it is important that things carry on as normally as possible and that the typical routines and rhythms of life do not give way unnecessarily to hysteria and disruption.

Read more...

Drink driving solicitors client in coma video

Hundreds of people every year suffer road traffic-related injuries due to motorists driving intoxicated. And, despite campaigns from road safety organisations and emergency services around winter time, the chances are that many more will be found by police to be drunk driving over this Christmas period.

Read more...