Prime central London residential property price growth has slowed almost to zero over the past three months, a dramatic slowdown after four consecutive quarters of growth, according to latest analysis from property adviser, Savills.
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The limiting of the CGT rate to 28% for upper rate tax payers is a welcome deviation from the feared 40% or 50%. A delayed or phased introduction would have led to second home owners and investors selling to beat the deadline and might have increased supply, depressing prices.
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The housing market is currently in the spotty teenage years of the 21st century – we have low interest rates, affordability is high, but the market is still depressed – so what is the problem?
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An additional 100,000 new homes built each year would give government finances a £23bn boost over the life of the next parliament, a paper published last week by the Housing Investment Consultancy Team of Savills reveals.
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