Nearly 40% fewer properties are changing hands than a year ago, highlighting how the upcoming Autumn Budget has significantly dampened activity at the top end of the market.<\/p>\n
There were 39.8% fewer transactions in October than a year earlier, LonRes data shows, though in October last year more deals were brought forward ahead of potential tax changes.<\/p>\n
As prices rise there\u2019s a bigger drop-off, as transactions in the \u00a35m+ market are 64.7% lower in October than the same month last year.<\/p>\n
In the Autumn Budget on November 26 there are fears the government could introduce a 1% annual Mansion Tax on properties worth over \u00a32m, while it\u2019s speculated that stamp duty could be replaced by a tax affecting properties worth over \u00a3500,000.<\/p>\n
Nick Gregori, head of research, LonRes, said: \u201cThe existing lack of confidence in the market exacerbated by fears of significant tax changes in the upcoming Budget.<\/p>\n
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\u201cThis has started to impact prospective sellers too, with new instructions decreasing, though the volume of stock on the market remains high.<\/p>\n
\u201cUnsurprisingly these dynamics are having a negative impact on values, with average achieved prices falling at their fastest rate since February 2024.<\/p>\n
\u201cHowever, with many metrics based on annual comparisons, the downbeat picture painted by the latest figures may be overstating things.<\/p>\n
\u201cLast October saw record activity as deals were rushed through ahead of anticipated tax changes, while this year we are seeing something approaching the polar opposite.<\/p>\n
\u201cAs is often the case, the longer-term context is important and here it shows a market that is below average for the time of year, but not chronically so.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly 40% fewer properties are changing hands than a year ago, highlighting how the upcoming Autumn Budget has significantly dampened activity at the top end of the market. There were 39.8% fewer transactions in October than a year earlier, LonRes data shows, though in October last year more deals were brought forward ahead of potential […]<\/p>\n","protected":false},"author":1,"featured_media":5460,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n