The high-end property market in the UK is unlikely to feel too much of a fallout when Stamp Duty
is increased later this year, it has been claimed.
Research conducted by Investec Specialist Private Bank has found that 52 per cent of estate agents, developers and brokers believe that the pending rise in the tax on properties worth over GBP 1 million from four per cent to five per cent will have no influence on prices.
The increase will come into force from April 6th this year.
Jack Jones, of Investec Specialist Private Bank, commented: "The high end property market appears to be quite robust to adverse changes in tax. This is probably because the market is still seen as being very attractive, with opportunities for both British and non UK buyers."
Meanwhile, the organisation's research also revealed that only 41 per cent of those questioned are less optimistic now about it than they were before the credit crunch.
- Thursday 27 January 2011