High-end housing market 'won't notice stamp duty rise'

Posted: 26 Jan 2011 11:59:25 GMT

Buyers in the high end of the property market will pay little attention to April's rise in stamp duty, a professional has predicted.

An increase in stamp duty is not expected to have a major impact on the high-end of the property market, according to an industry professional.

Nicolas Pejacsevich, assistant manager at Douglas & Gordon, commented that the change may affect the judgement of certain people but he doesn't think that it will stretch across the sector.

"It will definitely have an impact for the £1 million to the £2 million or £3 million [market]," he said. "But in the higher-end market, buyers will not really pay much attention to it," he added.

Within a certain price range, Mr Pejacsevich reasoned that some buyers would take the climb into account, but he noted none of his clients had mentioned any concerns, despite some of them looking for houses between the £3 million and £4 million marks.

Anyone purchasing a home worth over £1 million from April 6th will encounter a rise in stamp duty costs from four to five per cent.
 

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