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Buy To Let

Number of £2m homes for sale doubles since election

Kit Klarenberg
Written By:
Kit Klarenberg
Posted:
Updated:
26/05/2015

The number of homes on sale for £2m and above has more than doubled since the Conservatives’ general election victory, according to Get Agent.

The estate agent comparison website attributes this surge to Labour’s mansion tax proposals, which stoked concerns over the high-end property market among wealthy buyers, and deterred sellers from listing.

The figures point to a significant decline in the number of expensive properties on the market in the four weeks preceding the election.

In the week beginning 6 April, 246 homes were listed for sale at £2m or more. In the week of the Election, 294 were listed – this figure has now climbed to 639, meaning a six week increase of 160 per cent, and a two week increase of 117 per cent.

The number of less expensive properties on the market has significantly increased too. The figures show the number of homes for sale at £500,000 increased by 66 per cent (to 4,028) during the same period.

“The increase in the number of £2m-plus properties listed after the election clearly demonstrates the effect that the possibility of the mansion tax was having on the high-end property market,” Colby Short, co-founder of GetAgent, said.

“The fall in demand for these kind of properties pending the outcome of the election saw owners holding off listing them.”