04 July 2012
New data has revealed that sales of top-end homes, costing more than £2 million, fell by 40% in March after the stamp duty hike announced by the Chancellor.
Figures from the Land Registry show there were just 124 top-end homes sold compared to the 205 sold in March 2011.
Estate agents warned the 7% stamp duty rate would have a big impact on the market and could see some chains crumble as a result.
The data also showed the average house price in England and Wales increased by 0.5% month-on-month. The average cost of a home now stands at £161,677 overall.
London was the region that saw the highest increase in property values overall, rising by 7.7% in the last 12 months. In terms of monthly price increases, the capital was also top of the list, with a 2.6% rise seen.
At the other end of the scale, Yorkshire and the Humber saw a 3.9% decrease in prices in the last year, while in monthly terms, the North East suffered the most from falling prices, with property prices dropping by 1.9%.
Copyright Press Association 2012