Cornish property market still booming after the stamp duty surge

Thu 05 May 2016

Leading London estate agents, Foxtons, are reporting a slump in sales after the surge to complete before stamp duty for second homes increased on April 1st. In Cornwall the reverse seems to be happening.

 

The branch managers of our offices have seen the surge continue and even grow.

 

Foxtons, which has 62 branches in London and the surrounding area, reports that because large numbers of completions were brought forward in the first three months of the year, sales in the second quarter were already down on 2015 figures. The company’s CEO, Nic Budden, said he was expecting the next few months to be “challenging”.

 

All of our offices had an extremely busy March - as expected - not one has seen a sales slump similar to Foxtons. In contrast, several of the offices experienced a continued surge. 

 

April for the Hayle office was the best sales month on record. The Camborne office sold four times more properties in April than its closest rival in the town. April was the third best sales month in the last three years for the Redruth office and it was the best sales month this calendar year for the Helston team. Manager of the Launceston office, Tom Browning, said the market had been “red hot” in April and his team had experienced a record sales month.

 

Partner, Jeremy Miller, said: “The first quarter of the year was extremely busy, as we’d anticipated. We normally find that April performances predict sales volume for the following months. If that’s true, the challenge for Millerson this summer will be having sufficient numbers of properties to sell as the market is looking extremely buoyant.”