Homebuyers get moving as mansion tax fears fade

9 May 2015, Financial Times

Estate agents began to exchange on property worth millions of pounds as uncertainty over the election lifted.

Buyers who had held off purchasing homes because of Labour a Liberal Democrat proposals for a mansion tax began calling agents early yesterday to confirm their commitment.

Many international buyers had also been preparing to pull out and leave the country as a result of Ed Milliband’s pledge to end “non-dom” status.

Some had agreed to pay more for their property in the event of a Tory victory and have now abandoned discounts discussed previously because of potential mansion tax bills.

“The black clouds have lifted. I have £50 million worth of business poised to go through in the next couple of days,” said Trevor Abrahamson, head of Glentree International, a high-end London agent. Seven of the non-doms the agency was dealing with had been preparing to leave, Mr Abrahamson said. “They were packing their bags but now they will stay.”

Other agents had similar reports. “One of our agents received a text from a buyer at 7am this morning saying that he wanted to proceed with an offer on a £5 million house,” a spokesman for Hamptons International said.

Contracts for several properties just below or just above the £2million threshold were exchanged by agencies including Black Brick and WA Ellis.

“We’re hoping several exchanges we have been waiting on will go through today,” says Andrew Langton of Aysleford International

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