Lake District market, England, is driven by second-home buyers

 

Home sales in the Lake District have slowed in recent months, in part because of concerns over Brexit and the political turmoil surrounding the general election.

A 3 % increase in the stamp duty charged on purchases of second homes, begun in 2016, has also dampened the market. Lake District .

A survey of agents in May by the Royal Institution of Chartered Surveyors found price growth in the northwest has lost momentum and is predicted to slow further over the next three months. Even so, pricing for the country homes and estates of the Lake District hasn’t changed dramatically, as it is a little bit isolated from the cycles of the rest of the housing market.

Prices are up 3 to 4 % in the last 18 months. Popular properties that can be used for second homes or holiday rentals, can sell within days.

Many buyers are also looking to convert the old mansions into boutique hotels.

The Lake District has traditionally drawn second-home buyers from Manchester and London. But in recent years there has been a surge of buyers from around the world, including those from the United States, China and South Africa.

The drop in the value of the pound has made property in Britain more affordable for many foreign buyers.

 

[from NY Times]

 

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