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Boost in sales of £10m-plus homes since Brexit vote

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03/01/2019
The uncertainty following the EU referendum has pushed prices down at the top end of the market, but sales are up as foreign investors snap up (relative) bargains
Boost in sales of £10m-plus homes since Brexit vote

The number of homes sold for over £10m has shot up by a half since the EU referendum vote, according to figures released by HMRC under the Freedom of Information Act to specialist property lender, Octane Capital.

The data revealed that uncertainty following the Brexit vote has pushed prices down at the very top end of the market, which in turn has boosted sales, as overseas buyers also took advantage of currency fluctuations.

There were 300 £10m+ homes sold in 2017, an increase of 100 from 2016, and a third of those homes were snapped up by second home owners.

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

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

Jonathan Samuels, chief executive of Octane Capital, said: “The mainstream property market saw transaction levels tail off considerably following the EU referendum vote, but at the very top end of the market activity levels soared as ultra-wealthy opportunist buyers cashed in on rapidly softening prices.

“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.”

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