21/12/2014
Some interesting movement in the high end property market over the last few weeks. Stamp Duty changes have seen lawyers working with hast to push through property transactions so wealthy buyers don't get stung with the new stamp duty fees. Buyers paid up to if not more than £10k to get the legals sorted as a bonus before the new rules kicked in, which was midnight on the day the change was annoyance.
Then there is the fall in the Russian Rouble. Russian investors who don't have the wealth of Oligarchs are being priced out of the London high end property market because of the Rouble's rapid fall in value.
The impact has been particularly felt by Russian investors who are/were in the market for property in the region of £5 million. However, those who can still afford to spend £20 million on a single property appear relatively unaffected.