The sun is finally making a re-appearance. The cold, gloomy weather is giving way to warmer spells, and as we approach Easter, rising temperatures are inevitable. The same could be said of the property market, particularly at the premium end. The cold front that has swept across the housing market created a few patches of slow market activity, but the premium market wasn’t substantially affected by this.
Much more important for the premium market was the change in Stamp Duty on second homes which kicked in in April 2016. The tax change primarily concerned landlords and second homeowners but had a knock-on effect on the premium market because these are often the very same influential players who shape the demand profile.
One of the reasons why it’s so easy to be optimistic about premium markets in the UK is the long-term price growth trend. Over the last decade, the mid-market has seen substantial overall average house price increases of around 3.8% per year. The top 5% most expensive properties, on the other hand, have seen much stronger growth, at about 4.9%. For the top 1%, the increase is even stronger still at approximately 6.2% per year.
It’s the nature of market economies that the most valuable assets increase in value at a higher rate than other assets. While this isn’t great news for everybody, it is for those with interest in prime and super-prime properties in the UK. For example, if you bought a premium home in the top 1% right now, which costs around £1.3m at the national level, assuming long-run trends continue, it will appreciate in value by about £80,000 per year. Hopefully, that puts a smile on your face.
It is opportunity time in the market. It has never been a better time to take action, particularly if you want to capture all the capital appreciation the next market cycle will produce. When you are ready, get in touch with your local Fine & Country market expert, and they will show you how to make your next move the best yet.
I would recommend Matthew highly. Straight talking, good listening skills, knowledgeable, not pushy and with the necessary sense of humour! I suspect we were challenging as clients... Read full reviewReview Added: Apr 12th, 2018
Sam and his team provided me with an excellent service. At all stages of the process, I felt fully informed, and my sale was handled in an extremely professional, yet friendly and... Read full reviewReview Added: Apr 10th, 2018
Throughout the whole process of buying our new home Lisa and Joanna were extremely professional, friendly and helpful. Nothing was too much trouble for them and even now, two weeks... Read full reviewReview Added: Apr 9th, 2018
Had a great first meeting with Lee who valued the house at a higher price than expected. Nevertheless, with some hesitation, I instructed them on the Saturday and was very happy to... Read full reviewReview Added: Apr 9th, 2018
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