London Luxury-Home Prices Rise on Lower-Taxed Property

Provided by Barton Wyatt Letting Agents Sunningdale

Luxury-home prices in central London rose at their fastest rate in three months in September, powered by demand for properties that escape a new higher rate of sales tax, Knight Frank LLP said. The average value of a house or apartment in the U.K. capital’s most expensive neighborhoods climbed 0.7 percent from August, according to an index compiled by the London-based broker. The annual increase was 10 percent compared with a 13- month low of 9.9 percent in August.

Chancellor of the Exchequer George Osborne raised sales tax for properties valued at more than 2 million pounds ($3.25 million) to 7 percent from 5 percent starting in April. The number of homes sold that weren’t subject to the higher levy rose by 23 percent in the third quarter from a year earlier. That lifted prices in the bracket by about 12 percent, Knight Frank said.

“London’s market performance continues to be aided by overseas buyers, who account for more than 50 percent of buyers in the 2 million-pound plus market,” Liam Bailey, Knight Frank’s head of residential research, said today in a statement.

Russian, Indian, Italian, U.S. and French nationals were the biggest buyers from overseas, the broker said. Foreign buyers accounted for 41 percent of prime London homes purchased for 1 million pounds or more.

Values have risen 51 percent to a record since March 2009, the low point for London’s prime residential market after the financial crisis, according to the report.

Knight Frank compiles the index from its own appraisal values of a sample of properties in the 13 most expensive central London neighbourhoods, such as Belgravia, Mayfair, Kensington and Knightsbridge.

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Sunningdale Estate Agents

Article provided by Sunningdale Estate Agents

Sunningdale is a little village in Berkshire near Ascot, Virginia Water, Windlesham, Chobham, Englefield Green, Winkfield, Warfield and Bagshot. It is best known for its golf course that is accepted to be one of the best in the world. It is also a stone's throw away from another world-renowned golf course at Wentworth in Surrey.

The Sunningdale village's claim to fame doesn't stop with its close association with golf. It is also very close to the Ascot as well as the Windsor racecourses.

The Sunningdale area is well positioned for the commuters with easy access to the M3, M4 and M25 as well as the railway network. Sunningdale is also close to the 2 of the biggest airports in the country; Heathrow and Gatwick.

The are surrounding Sunningdale is also privileged with a range of private and state schools; from nursery schools to secondary schools, such as Charters School. Other well known schools include the Eton College, ACS, TASIS and Papplewick.

Recent statistics indicate that the property prices in Sunningdale near good school catchment areas are higher than the other regions of the country nearly five per cent.

All these factors coupled with the natural beauty of the area have made it a prime location for residential properties; ranging from small cottages to modern luxury apartments; from mid-range town houses to multi-million mansions in addition to the estates within Berkshire and Surrey.

Even though there are a number of national estate agency chains covering the area, there are a couple of independent, family owned estate agents, such as Barton Wyatt Sunningdale estate agents, providing exceptional local knowledge and world class customer service as well.