Rush to avoid hike in stamp duty

Millionaires in London are scrambling to snap up properties before the rise in stamp duty, according to the latest Rightmove house price index released today. Across the whole market in the capital, asking prices were down 1.5 per cent in March on the previous month – yet are still up 3.8 per across the quarter as a whole, the survey said. “Bonus driven buyers and stamp duty savers looking to invest in bricks and mortar,” said Miles Shipside of Rightmove. “Shortages of quality property remain, resulting in keen competition and speedy sales in the capital – it’s a performance that struggling estate agents in the rest of the country are watching with jealousy.” Annualised asking prices rose by just 0.9 per cent across the UK, compared to 1.6 per cent in London. Average prices in the UK are £231,790, compared to £424,307 in the capital.