You are here: Home - News -

Property transactions for over £10m rise by half in 2018 – Octane Capital

by:
  • 03/01/2019
  • 0
The EU referendum result boosted the number of homes sold for over £10m by half in 2018, as ultra-wealthy buyers cashed in on softening prices in the wake of Brexit uncertainty, unpublished data revealed.

 

Around 300 homes priced at £10m and over were sold in 2017, with an increase of 100 from 2016, according to the latest figures released by HMRC under the Freedom of Information Act to specialist property lender, Octane Capital.

A third of the homes sold in 2017 valued at £10m and over were bought by second home owners.

This category of buyer was very active with prime properties, with the number of second home owners buying properties costing over £2m more than doubling in 2017, to 1,900 from 800 in 2016.

Meanwhile, the number of homes sold for more than £1m exceeded 20,000 for the first time in 2017.

Jonathan Samuels, chief executive of property lender, Octane Capital, said: “The weakness of sterling means a fair percentage of these buyers were almost certainly based overseas, as some of Britain’s wealthiest cities became a goldmine for foreign investors seeking a bargain.

“The fall in the pound more than compensated for the 3% stamp duty surcharge on additional properties.”

There are 0 Comment(s)

You may also be interested in

Read previous post:
The word 'Tax' assembled upon a calculator
Landlords warned of self-assessment tax deadline

There is less than one month for landlords and millions of other taxpayers to submit their self-assessments for the year...

Close