Following today’s Budget, many homeowners are understandably wondering what it means for the property market, particularly with the proposed new mansion tax for homes valued above £2,000,000. While headlines can sound dramatic, the true impact is expected to be small.
Current indications suggest an annual council style levy between roughly £2,500 and £7,500 depending on property value bands. For buyers already purchasing at £2,000,000+, this level of annual fee is unlikely to materially change demand or decision making.
Historically, measures of this scale have had minimal long term effect on the prime market, and we anticipate the same again. In practical terms, the market continues to move, and well positioned homes are still achieving strong interest.
For many sellers, especially those considering a move in the next 6–12 months, acting sooner rather than later may be beneficial, as buyers adjust quickly and market confidence typically settles once the details are confirmed.
If you are considering a move or would like clarity on how the Budget affects your property specifically, get in touch with your local Durden & Hunt team, who would be pleased to provide an updated, no obligation valuation.
Written by Founder, James Hunt
Canary Wharf Estate Agents, Loughton Estate Agents, Hornchurch Estate Agents, Ongar Estate Agents, Wanstead Estate Agents, Colchester Estate Agents, Leigh-on-Sea Estate Agents
