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| - | Two of the eurozone's biggest economies have fallen into recession, according to the latest economic figures.
| + | The number of homes sold for more than �2m - now subject to a higher stamp duty rate - fell at the end of last year, new figures show. |
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| - | Italy and the Netherlands both saw their economies shrink by 0.7% in the fourth quarter, the second consecutive quarter of economic contraction.
| + | There were 103 �2m-plus homes sold in December in England and Wales - an 18% drop from the same month a year earlier, the Land Registry said. |
| | | | |
| - | Germany had its first negative quarter since 2009 with a decline of 0.2%, compared with the previous quarter.
| + | Of these, 80 were sold in London, where prices have been rising the fastest. |
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| - | But in France there was surprise growth of 0.2% at the end of last year, attributed to healthy export growth.
| + | The sales came before Chancellor George Osborne introduced a new 7% stamp duty rate in Wednesday's Budget. |
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| - | Overall the 17 nations that make up the eurozone saw economic activity shrink 0.3% in the fourth quarter. By comparison the United States reported growth of 0.7%.
| + | There are various rates of stamp duty land tax - paid by the buyer of a property - already in place, depending on the cost of the home. |
| - | Continue reading the main story
| + | |
| - | �Start Quote
| + | |
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| - | Greece may be burning. Growth may be slowing. But the recognised German barometer of hope over fear shows far more Germans looking on the bright side than those down in the dumps�
| + | The chancellor said that those who bought the most expensive homes should contribute more. This will mean the buyer of a home at a cost of more than �2m must pay at least �140,000 in stamp duty. |
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| - | End Quote
| + | The Treasury expects the measure to raise �150m in the next financial year, rising to �300m by 2016-17. |
| - | image of Stephen Evans Stephen Evans BBC News, Berlin
| + | First-time buyers |
| | | | |
| - | * Germany: Reasons to be cheerful
| + | The Land Registry provides the latest accurate data on the sales of homes at certain price bands. |
| | + | Continue reading the main story |
| | + | Current stamp duty thresholds |
| | | | |
| - | The eurozone has not slipped into recession as it reported growth of 0.1% in the third quarter.
| + | * 1%: Properties of �125,000 to �250,000, but first-time buyers are exempt until 24 March |
| - | 'Better than feared'
| + | * 3%: �250,000 to �500,000 |
| | + | * 4%: More than �500,000 |
| | + | * 5%: More than �1m, residential property only |
| | + | * 7%: More than �2m, residential property only |
| | | | |
| - | For 2011 as a whole, the French economy grew by 1.7% and Germany 3%.
| + | In December, the biggest proportion of homes were sold for between �100,000 and �150,000, with a total of 14,385 sold. |
| | | | |
| - | Europe's debt crisis has already pushed Greece, Portugal and Belgium into recession, defined by two consecutive quarters of contraction.
| + | Any first-time buyers who bought homes at this price would have been exempt from stamp duty at the time. |
| | | | |
| - | Economists forecast that Germany is likely to avoid that scenario and say the latest growth figures could have been worse.
| + | However, from Saturday, all buyers of homes sold for more than �125,000 will have to pay stamp duty because this exemption is coming to an end after two years. Mr Osborne said it had been "ineffective" in increasing first-time buyer numbers. |
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| - | "This is better than feared after retail sales and industrial production turned out badly in December. The decline is due to the euro crisis. It caused a drastic loss in confidence among companies and consumers." said Christian Schulz, an economist at Berenberg Bank.
| + | In the Budget, the chancellor also announced that the level of stamp duty on residential properties over �2m which were bought via a company would increase to 15% with immediate effect. |
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| - | "Action from the ECB and the government has restored confidence. There is hope that we will emerge quickly from the economic dip. We expect growth again in the second quarter at the latest, provided that the euro crisis remains under control." he said.
| + | In addition, overseas companies that already own UK residential property worth more than �2m will be subject to capital gains tax from April 2013. |
| | | | |
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| + | Overall, the Land Registry said house prices in England and Wales rose by 0.1% in February compared with the previous month. |
| | | | |
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| + | However, prices were down 0.6% compared with February 2010. The average home cost �161,588. |
Revision as of 07:49, 30 January 2013
The number of homes sold for more than �2m - now subject to a higher stamp duty rate - fell at the end of last year, new figures show.
There were 103 �2m-plus homes sold in December in England and Wales - an 18% drop from the same month a year earlier, the Land Registry said.
Of these, 80 were sold in London, where prices have been rising the fastest.
The sales came before Chancellor George Osborne introduced a new 7% stamp duty rate in Wednesday's Budget.
There are various rates of stamp duty land tax - paid by the buyer of a property - already in place, depending on the cost of the home.
The chancellor said that those who bought the most expensive homes should contribute more. This will mean the buyer of a home at a cost of more than �2m must pay at least �140,000 in stamp duty.
The Treasury expects the measure to raise �150m in the next financial year, rising to �300m by 2016-17.
First-time buyers
The Land Registry provides the latest accurate data on the sales of homes at certain price bands.
Continue reading the main story
Current stamp duty thresholds
* 1%: Properties of �125,000 to �250,000, but first-time buyers are exempt until 24 March
* 3%: �250,000 to �500,000
* 4%: More than �500,000
* 5%: More than �1m, residential property only
* 7%: More than �2m, residential property only
In December, the biggest proportion of homes were sold for between �100,000 and �150,000, with a total of 14,385 sold.
Any first-time buyers who bought homes at this price would have been exempt from stamp duty at the time.
However, from Saturday, all buyers of homes sold for more than �125,000 will have to pay stamp duty because this exemption is coming to an end after two years. Mr Osborne said it had been "ineffective" in increasing first-time buyer numbers.
In the Budget, the chancellor also announced that the level of stamp duty on residential properties over �2m which were bought via a company would increase to 15% with immediate effect.
In addition, overseas companies that already own UK residential property worth more than �2m will be subject to capital gains tax from April 2013.
Overall, the Land Registry said house prices in England and Wales rose by 0.1% in February compared with the previous month.
However, prices were down 0.6% compared with February 2010. The average home cost �161,588.
