High end purchasers of properties in London paid 15 per cent of the stamp obligation in 2020, but the worth of the transactions accounted for less than 0.2 per cent of residential gross sales.
The stats, produced by high-end mortgage dealer Enness Global Mortgages, drew the road at £3m and above for its classification of high-priced properties.
The analysis reveals that throughout the market in England, £2.9 billions was paid in stamp obligation in 2020 in 468,929 transactions, with a complete of £1.2 billion saved because of the vacation starting in July.
As a lot as £436.4m of this was paid on transactions of £3m or above, which means the prime market accounted for 15 per cent of all stamp obligation in England. This is regardless of this coming by way of simply 846 property gross sales, accounting for 0.2 per cent of your entire market.
Enness says London noticed 675 properties promote for £3m or above final yr – accounting for 80 per cent of all prime transactions however simply 0.1 per cent of all properties bought throughout England, together with these attracting no stamp obligation in any respect.
The agency additionally says that whereas the home stamp obligation vacation has now been prolonged right into a two-phased further six months, there isn’t any such extension for international consumers. On high, they’ll from April 1 face a further two per cent SDLT surcharge.
Islay Robinson, chief govt of Enness Global Mortgages, says: “Those transacting on the very top-end are much better positioned to abdomen these prices and so a stamp obligation saving hasn’t been a driving issue with regard to transacting, nor has it brought about the mad panic to finish that we’ve seen throughout the common market.
“The prime market is arguably higher off in consequence and we’ve seen a top quality over amount strategy proceed to enhance market well being throughout the highest value thresholds, as confidence returns following a yr of pandemic uncertainty.
“Of course, the introduction of an extra two per cent stamp obligation penalty for international consumers gained’t do a lot to assist this returning well being, with high-end homebuyers from exterior of the UK [purchasing at £3m] a mean price of half one million kilos owed in stamp obligation alone as of April.”
