Naomi Heaton, Chief Executive of LCP, discusses the London housing market.
While the growth of house prices has fallen in London over the last three months, the market has grown by 10 per cent overall this year. Ms Heaton says the London market has recovered out of recession.
Ms Heaton also says that while stamp duty has fallen for many, it has increased for houses bought for over £1 million. While this figure may seem high, one in three Londoners will be thinking about purchasing a house worth more than £1 million in their next move. She expects the market for houses costing more than £2 million to slow significantly as a consequence of the recent changes.
We also hear about the new mortgage cap and the stability of the property market across the UK.