New data from Knight Frank shows that prime property prices have dipped by 0.1 per cent in the three months following the UK’s vote to leave the EU - but it says any problems affecting this sector of the market are down to stamp duty rather than Brexit.
The agency says that on an annual basis, growth in the prime country market remains positive at 0.5 per cent compared to the 1.8 per cent drop seen in the prime London residential market over the past year.
It also says the number of Londoners cashing in their equity and buying property in the Home Counties so far this year is 43 per cent higher than in the same period of 2015.
“As London values pause for breath, it is inevitable that family buyers will be seduced by the space, value, good schooling and easy commuting access offered in the Home Counties. The price gap has been exaggerated by the significantly higher price growth in London over the last few years, so it is unsurprising that more buyers are emanating from the capital” according to Edward Rook, the agency’s Home Counties regional chairman for Berkshire, Hertfordshire, Buckinghamshire and Kent.
His colleague Nigel Mitchell - chairman for Surrey and Sussex - says that the trend started back in October last year when “the London market started to cool off.”
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Just goes to show, the agent is absolutely 100% correct. The extra stamp duty has killed off the property market. This is supported by The Land Register showing the massive spike in transaction levels in March 16 across the country. Bexit has had very little effect and in fact, the drop in pound means overseas buyers receive an instant 15% discount and has had a small positive effect on the housing market.
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