Why Mumbai s property market offers a clue on what will happen to British house prices
Sales in December rose 200pc following a stamp duty cut, but Mumbai is hurtling towards its own March 31 deadline
23 February 2021 • 6:00am
The property market in Mumbai has been massively boosted by a stamp duty cut very similar to Britain s
Credit: Akshay Mandilia / EyeEm
Our market has an unlikely mirror in Mumbai, where the Government has similarly slashed the tax bill for buyers who can complete before March 31.
As in the UK, sales in Mumbai duly exploded. But in January the Government there took measures to taper the tax break, and the market reacted immediately.
The best value places to buy property in the countryside – where prices are rising fastest
You can get more house for your money in the countryside, but with prices rising post-Covid this value gap may not last much longer
22 February 2021 • 6:00am
South Shields, which has a popular beach, offers particularly good value
Credit: P A Thompson/P A Thompson
Home buyers used to flee to the countryside to get more for their money and avoid eye-watering city prices.
Yet the demand for more space since the pandemic started meant that prices for high-end country homes surged by 4pc in 2020, according to property firm Knight Frank. That is the fastest rate of increase in more than six years.
Move over Cornwall – Britain s new holiday let capital is Wales
Levels of second homes in Wales are soaring, with buyers drawn by the rugged scenery and more affordable property
22 February 2021 • 6:00am
Rose House in Burton, Pembrokeshire, is on the Milford Haven estuary and has its own slipway. It is £750,000 with Country Living Group
For years, Cornwall has been Britain’s holiday home hotspot – so much so that some towns in the county cracked down on the sale of second properties to outsiders.
But recently its crown has slipped. Wales, with its glorious countryside, beautiful coastline and, crucially, affordable property, has been propelled into the top spot for the most popular second home locations.