The market is busy in the face of Thursday's General Election. Buyers are jumping in where they see good value, good locations or both. There is plenty of interest in the top end of the market; if this is being hampered then it's by high stamp duty rates; the upcoming election seems to be having little effect.
The small Government majority seems to have spawned some ill-considered policy of late - not least the stamp duty rates which are unnecessarily high and damaging to the London market and economy. There is no reason for the high percentage bands - by their nature, percentages levy higher amounts at higher values. With the 3% addition the top of the market is saddled with a 15% tax.
Regardless of the result of Thursday's election, people will just get on with their lives – moving for jobs, getting married, expanding families, downsizing – irrespective of what happens at Westminster. We have been incredibly busy during the eight-week lead-up to the election, and this shows no sign of slowing down into the summer months.
Please don't hesitate to contact Dexters for any advice on selling or letting your property. We are contactable seven days a week from 8am - 8pm.
Asking prices for UK homes hit a new record high over the past month as families in search of bigger properties brushed aside uncertainty caused by Brexit and June’s general election. Prices sought by sellers rose 1.2% in the four weeks to 13 May, pushing the average asking price to a fresh peak of £317,281, according to the property website Rightmove.