PCL ‘shows recovery’ as the top-end bounces back
October 31st 2017
Prime Central London’s property market is showing signs of recovery across the top-end and more mainstream segments, according to some analysis by London Central Portfolio and Acadata. The latest Land Registry Price Paid Data indicates that property values have recovered a touch from the price falls which have characterised the markets since the introduction of a new progressive stamp duty system in Q4 2014, and of the new Additional Rate Stamp Duty (ARSD) in Q2 2016. Prices in “mainstream” PCL (in this instance, below £1.24m – or the bottom 60% of the market by value) are now 15.6% above their high point of three years ago, and have risen by 5.6% since the ARSD came into play a year ago to stand at an average of £822,812. This segment of the market – which falls below the top stamp duty bracket (at £1.5m) and is dominated by buy-to-let investments – is now outperforming the national England and Wales average, according to LCP and Acadata’s workings, which has seen growth of 7.1% since Q4 2014. Higher-value homes (above £1.24m – the top 40% of the market by value) have been more dramatically affected by tax changes than more mainstream properties; values in this segment are still 3.3% below their 2014 high-point. But the top-end has also bounced back since the introduction of ARSD, resulting in growth of 7.0% over the last 12 months – although LCP notes that this is now tapering off. Cushman & Wakefield declared just this week that PCL’s market looks to have “bottomed out”, while many other analysts have been calling the bottom of the bottoming of the market (i.e. a slowing pace of price decline) since the Springtime.
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PCL ‘shows recovery’ as the top-end bounces back
October 31st 2017
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Prime Central London’s property market is showing signs of recovery across the top-end and more mainstream segments, according to some analysis by London Central Portfolio and Acadata. The latest Land Registry Price Paid Data indicates that property values have recovered a touch from the price falls which have characterised the markets since the introduction of a new progressive stamp duty system in Q4 2014, and of the new Additional Rate Stamp Duty (ARSD) in Q2 2016. Prices in “mainstream” PCL (in this instance, below £1.24m – or the bottom 60% of the market by value) are now 15.6% above their high point of three years ago, and have risen by 5.6% since the ARSD came into play a year ago to stand at an average of £822,812. This segment of the market – which falls below the top stamp duty bracket (at £1.5m) and is dominated by buy-to-let investments – is now outperforming the national England and Wales average, according to LCP and Acadata’s workings, which has seen growth of 7.1% since Q4 2014. Higher-value homes (above £1.24m – the top 40% of the market by value) have been more dramatically affected by tax changes than more mainstream properties; values in this segment are still 3.3% below their 2014 high-point. But the top-end has also bounced back since the introduction of ARSD, resulting in growth of 7.0% over the last 12 months – although LCP notes that this is now tapering off. Cushman & Wakefield declared just this week that PCL’s market looks to have “bottomed out”, while many other analysts have been calling the bottom of the bottoming of the market (i.e. a slowing pace of price decline) since the Springtime.
PCL ‘shows recovery’ as the top-end bounces back
October 31st 2017
Prime Central London’s property market is showing signs of recovery across the top-end and more mainstream segments, according to some analysis by London Central Portfolio and Acadata. The latest Land Registry Price Paid Data indicates that property values have recovered a touch from the price falls which have characterised the markets since the introduction of a new progressive stamp duty system in Q4 2014, and of the new Additional Rate Stamp Duty (ARSD) in Q2 2016. Prices in “mainstream” PCL (in this instance, below £1.24m – or the bottom 60% of the market by value) are now 15.6% above their high point of three years ago, and have risen by 5.6% since the ARSD came into play a year ago to stand at an average of £822,812. This segment of the market – which falls below the top stamp duty bracket (at £1.5m) and is dominated by buy-to-let investments – is now outperforming the national England and Wales average, according to LCP and Acadata’s workings, which has seen growth of 7.1% since Q4 2014. Higher-value homes (above £1.24m – the top 40% of the market by value) have been more dramatically affected by tax changes than more mainstream properties; values in this segment are still 3.3% below their 2014 high-point. But the top-end has also bounced back since the introduction of ARSD, resulting in growth of 7.0% over the last 12 months – although LCP notes that this is now tapering off. Cushman & Wakefield declared just this week that PCL’s market looks to have “bottomed out”, while many other analysts have been calling the bottom of the bottoming of the market (i.e. a slowing pace of price decline) since the Springtime.
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