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Comment on the Draft Finance Bill

Following the release of the draft finance bill, Dominic Agace, CEO of Winkworth PLC, has issued the following comment: "The announcement made today will have an effect on the London market, as overseas buyers, who account for approximately 60% of the market, are going to be impacted by these changes as many hold their property investments in company vehicles. Speaking to clients, it is clear that although they are frustrated by the changes they continue to see London property as a good investment. However we may see non-core properties being sold off by April 2013. These changes will not help with demand following the stamp duty increase on properties worth £2million+ and so we envisage that this segment of the market will remain subdued as investor appetite is dented."   Additionally, Charles Peerless, Director of Winkworth West End, comments: “Despite these discouraging tax changes, destination London remains one of the most popular cities to purchase property. We have had months of prior warning of this news and although £2m - 5m properties have seen a drop in transaction numbers by some 20% since the summer, London ultimately remains one of the most popular destinations for the foreign buyer as there are many significant reasons to purchase property in the Capital.”

Following the release of the draft finance bill, Dominic Agace, CEO of Winkworth PLC, has issued the following comment:

"The announcement made today will have an effect on the London market, as overseas buyers, who account for approximately 60% of the market, are going to be impacted by these changes as many hold their property investments in company vehicles. Speaking to clients, it is clear that although they are frustrated by the changes they continue to see London property as a good investment. However we may see non-core properties being sold off by April 2013. These changes will not help with demand following the stamp duty increase on properties worth £2million+ and so we envisage that this segment of the market will remain subdued as investor appetite is dented."

 

Additionally, Charles Peerless, Director of Winkworth West End, comments:

“Despite these discouraging tax changes, destination London remains one of the most popular cities to purchase property. We have had months of prior warning of this news and although £2m - 5m properties have seen a drop in transaction numbers by some 20% since the summer, London ultimately remains one of the most popular destinations for the foreign buyer as there are many significant reasons to purchase property in the Capital.”

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