Super-prime activity picks up in North Surrey
Higher purchase taxes and political uncertainty have weighed on this market in recent years, but there are positive signs emerging.
1 minute to read
The super-prime market in North Surrey remains price sensitive. Changes to stamp duty at the end of 2014 and again in April 2016 slowed activity in a market largely driven by discretionary sales.
But there are now signs that momentum is building. Increasing sales volumes in 2017 compared with 2016 are reflective of growing confidence in the market, as well as a willingness on the part of vendors to adjust prices to better reflect higher purchase costs.
Demand has been further boosted by currency movements following the EU Referendum in June 2016, which have effectively made UK property cheaper for buyers denominated in most international currencies.
The private estates situated in North Surrey, within a 45-minute drive of central London, are the hubs of super-prime activity outside the capital, although recently, our research shows there has been a shift in terms of the type of sales taking place. There has been a fall in the number of developers buying plots with the intention of building and selling new homes, despite anecdotal evidence that demand for best-in-class new-build property remains high signalling that the supply of new-build homes may not meet demand in the coming years.
For more information, download the report.
