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.
Always contactable and responsive. Well organised. Very polite with prospective buyers. Could quickly recognise the level of interest shown and took initiative to address problems... Read full reviewReview Added: Aug 15th, 2018
We had a number of complex issues that threatened our exchange but F&C were with us every step of the way and we're always trying to find a solution. Read full reviewReview Added: Aug 15th, 2018
My house had been online with Mark David for 200+ days with no offers, Fine and country took it over and within 5 weeks I had an offer and have now sold the house. Chris was real... Read full reviewReview Added: Aug 13th, 2018
Had the most amazing experience buying my property in Colliers End. The Estate Agent provided a first class service and their progresser Kevin McLean was outstanding, going above a... Read full reviewReview Added: Aug 10th, 2018
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