Peter Rollings commenting in response to the latest figures from the Land Registry
Mon 28 May 2012
"A difficult economy and increasing reticence from lenders is conspiring to subdue house prices and the number of buyers on the move across many parts of the country. But this certainly isnt the case in London, which is moving at a different speed entirely from the national market. With house prices so much higher in the capital, fewer applicable buyers were affected by the end of stamp duty holiday for first-timers - unlike the lingering impact elsewhere in the country, where a higher proportion of buyers brought forward purchases.
"Equity-rich buyers are still flocking to prime parts of the capital, and after the initial shock of the budget in March, wealthy investors are focussing on double digit annual price growth in many areas like Kensington and Westminster instead of the 2% increase to stamp duty. Demand has only been bolstered by the appetite for safe assets from international buyers looking to escape seeing their wealth diminished by the eurozone troubles, and good quality homes are selling quickly."