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Stamp duty cuts sale prices of Britain's most expensive homes

The number of homes sold for £1m and above has risen by 12 per cent in the first half of 2016 - but stamp duty appears to have curbed the asking prices of the most expensive.

The number of homes sold for £1m and above has risen by 12 per cent in the first half of 2016 - but stamp duty appears to have curbed the asking prices of the most expensive.

Some 6,684 homes sold for seven, eight or nine-figure sums during the period, but research from Lloyds Bank reveals that the average price is £135,251 less than a year ago.

In December 2014 the then-Chancellor George Osborne reformed stamp duty - reducing it for the vast majority of properties but increasing it on most homes sold above £937,000.

Lloyds says north-east England has seen the biggest rise in the number of million-pound-plus sales with an 83 per cent hike - but that was accounted for by just 11 sales. 

Scotland was the only part of Britain where £1m-plus sales dropped in the first half of this year.

Unsurprisingly, most purchases took place in London where there were 4,238 sales.

Belvoir Liverpool Central Sales Team can be cotnact on 0151 231 1613 or you can email liverpoolcentral.sales@belvoir.co.uk

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