Land Registry Figures
December 9th 2016
New data fresh out of the Land Registry has shown just how hard the top-end of the market has been hit in the first half of this financial year. London Central Portfolio has taken a look at the sales figures from May to October, the crucial period immediately following the introduction of the new 3% stamp duty levy on additional properties (ARSD), and unearthed some pretty worrying numbers. Compared with the same period last year, there’s been: – (And last year was a bad year due to the Election and SDLT changes) A 75% reduction in sales above £10m; from 61 to just 15 A 51% reduction in sales between £5m – £10m; from 201 to just 99 A 36% reduction in sales between £2m and £5m; from 1473 to 947 A 33% reduction in sales between £1m and £2m; from 7285 to 4913 An 83% reduction in new-build sales above £5m; from 52 to just 9 The Government’s SDLT take has been seriously affected as a result, says the firm. In total, the drop-off in sales above £1m in the last six months alone works out as a loss to the Exchequer of nearly £0.5bn, while SDLT takings above £5m have already halved compared with last year, even assuming that every sale attracted the 3% additional rate…’
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Land Registry Figures
December 9th 2016
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New data fresh out of the Land Registry has shown just how hard the top-end of the market has been hit in the first half of this financial year. London Central Portfolio has taken a look at the sales figures from May to October, the crucial period immediately following the introduction of the new 3% stamp duty levy on additional properties (ARSD), and unearthed some pretty worrying numbers. Compared with the same period last year, there’s been: – (And last year was a bad year due to the Election and SDLT changes) A 75% reduction in sales above £10m; from 61 to just 15 A 51% reduction in sales between £5m – £10m; from 201 to just 99 A 36% reduction in sales between £2m and £5m; from 1473 to 947 A 33% reduction in sales between £1m and £2m; from 7285 to 4913 An 83% reduction in new-build sales above £5m; from 52 to just 9 The Government’s SDLT take has been seriously affected as a result, says the firm. In total, the drop-off in sales above £1m in the last six months alone works out as a loss to the Exchequer of nearly £0.5bn, while SDLT takings above £5m have already halved compared with last year, even assuming that every sale attracted the 3% additional rate…’
Land Registry Figures
December 9th 2016
New data fresh out of the Land Registry has shown just how hard the top-end of the market has been hit in the first half of this financial year. London Central Portfolio has taken a look at the sales figures from May to October, the crucial period immediately following the introduction of the new 3% stamp duty levy on additional properties (ARSD), and unearthed some pretty worrying numbers. Compared with the same period last year, there’s been: – (And last year was a bad year due to the Election and SDLT changes) A 75% reduction in sales above £10m; from 61 to just 15 A 51% reduction in sales between £5m – £10m; from 201 to just 99 A 36% reduction in sales between £2m and £5m; from 1473 to 947 A 33% reduction in sales between £1m and £2m; from 7285 to 4913 An 83% reduction in new-build sales above £5m; from 52 to just 9 The Government’s SDLT take has been seriously affected as a result, says the firm. In total, the drop-off in sales above £1m in the last six months alone works out as a loss to the Exchequer of nearly £0.5bn, while SDLT takings above £5m have already halved compared with last year, even assuming that every sale attracted the 3% additional rate…’
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