Karelia Scott-Daniels, Property Expert and Director of the Buyers Agents Manse & Garret Property Search said:

“The increase in stamp duty for properties over £1million is a real blow for both buyers and sellers of property in this price range. It feels like another tax on London, and we were hoping for a more pragmatic budget. I don't think it will lead to a stampede to buy or sell at this point because the political situation is so uncertain and a Conservative government would mean a raft of changes within three months, although I note that Cameron hasn't said he will scrap the proposal."

"Assuming the tax rise is implemented, it is likely to concentrate the minds of those thinking about moving in the next 12 months but in an uncertain market, buyers will want to recoup as much as possible through negotiation so vendors will have to take a hit on price. Early next year vendors entering the market would be well-advised to adopt realistic prices from the beginning and with everyone keen to beat the April deadline, this may provide an artificial stimulus for property in the low millions. I don't think it will have any effect at all on property at the top of the market.”

“The increase in the stamp duty threshold to £250,000 is a welcome gesture but first time buyers are mostly struggling with funding. The measures might persuade those with substantial deposits or access to the bank of Mum and Dad to enter the market but funding is the main issue for first-time buyers right now.”

-Ends-

For further information please contact: Karelia Scott-Daniels karelia@manseandgarret.com 07881 930000

NOTES FOR EDITORS •Manse & Garret Property Search is an independent Buyers Agency based in Mayfair and specialising in buying property in London and the South East between £1million and £10 million.

•Manse & Garret Property Search was established by Property Expert Karelia Scott-Daniels to service residential Clients in addition to property developers.

•Further information and photographs available on request