6 Aug

Prime property buyers becoming price conscious

Prime property buyers becoming price conscious

Predictions for the evening out of the prime property market across the UK, in which the north-south divide was forecast to close significantly in the first half of the year have proven premature as more regional buyers become price conscious.

Savills has said that the growth of price of purchasing prime properties was supposed to slow in London while growing elsewhere in the first six months of the year.

However, while they accelerated by a full 4.8 per cent in London, negating the predicted effect of the mansion tax announced earlier this year, prices outside the capital have risen by just 0.3 per cent in the same timescale.

The company said that nearly 23 per cent more money had been spent in London's prime market throughout the period on 2013.

Lucian Cook, director of residential research with Savills, said: "This is not to say that the tax changes for £2 million plus property have not had an impact. The total amount spent in the market on £2 million property fell by 15 per cent between 2011 and 2012 to £16.7 billion."ADNFCR-1222-ID-801621291-ADNFCR

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