Recent figures published by Hometrack show that Birmingham and Manchester are driving price growth in the UK, with annual house price inflation in the cities reaching 7.7 per cent and 6.8 per cent respectively in May. Annual house price inflation in London hit its lowest level in five years in the month, falling to 3.3 per cent compared to 13 per cent in May 2016.
Separate research shows that country homes have seen 4 per cent year-on-year price growth. The findings by Hamptons International show that this year 17 per cent of sales in country areas have been for sums exceeding the asking price. The study also shows that 34 per cent of country properties were bought by cash buyers, compared with 13 per cent in London and 24 per cent across the UK.
Hamish Humfrey at Knight Frank says the firm has seen a surprising amount of top-end country homes sold this year, while Strutt & Parker’s James Mackenzie said sales of prime country homes were up 12 per cent year-on-year in Q1 2017.
On the attraction of green space, Savills estimates there is a 15- to 20 per cent premium for living within 50 meters of a park.
At Beavis Morgan, we have extensive experience in advising individuals and businesses across a range of industry sectors on all aspects of the property market.
We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
We also offer specific expertise on many aspects of landed estates and their associated rural businesses such as capital taxes planning, including mitigating exposure to inheritance tax and capital gains tax on chattels and land.
For further information about how we can help you with your property ambitions, contact Steve Govey or your usual Beavis Morgan Partner.