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12th September 2014
The FT reports that tax rises on high-value properties, combined with the prospect of a “mansion tax” and the forthcoming general election, have made homes that are worth more than £2m much harder to sell of late.
More than half of all properties in London’s most expensive central areas have been withdrawn unsold in the six months to the end of June, according to research. Since March 2012, homes worth more than ?2m have been subject to 7% stamp duty. Before the introduction of the top rate, just 20% to 30% of ?2m-plus homes on the market in London’s most expensive central areas were withdrawn unsold.