Outlook for properties worth over £500,000 in London?

[40grump7]

Stamp duty holiday extended for properties under £500,000. What do people predict will happen for properties worth over that? Will prices fall? I’m thinking about London.

I don't reckon it will...
It's been set at that rate since last June and I don't know about the London market but all it's done here is push prices up in all brackets. Even if they're over 500k. It's a saving of 15k.
So they'd still pay stamp duty on anything over 500, but 15k less than they would have.
I'm no expert though obviously

It's only til June so even if you went on the market today you'd struggle to sell so I can't see the extension having more of an impact.

The 5% mortgages up to £600k will mean there are a lot of properties suddenly values at exactly £600k...

Doubt properties will fall - the 'experts' are predicting a moderate rise, possibly furled by the transactions started after the lockdown ended last year and the initial rush to make the March deadline.
I'm buying a house at just over £900k, if the deadline had not been extended it wouldn't stop me buying it, but £15k is still a significant amount and we are now all keen to complete by end of June.
I think pent up demand had as much to do with prices going up as the stamp duty break, and imagine that things will return to normal numbers by the end of the year.

I think the stamp duty extension seems more to facilitate the discount for sales already going through. We just sold my late parents' house at the top of an uncomplicated chain and that took five months, so I don't see how it'll have much impact on sales starting now.

I have a house to sell, inherited it, currently let out but will wait a few more years I think....should achieve about 700k....who knows !..Its zone 4 london and you get a lot of house for your money but prices dont climb as they do in other areas.

@40grump7

Stamp duty holiday extended for properties under £500,000. What do people predict will happen for properties worth over that? Will prices fall? I’m thinking about London.

No chance. You realise you don't get very much for 500k in London right...?

Yes prices will fall in London and probably other cities too. I think everyone has experienced rising prices and can’t imagine falls but there will be a correction in the market especially as post pandemic more people will be WFH so why live in a small town house in London when you could have much more space around you outside the M25

There are are masses of 2 bed flats in London currently priced at £500k - 550k, so I foresee quite a few of those prices dropping, especially those that have been hanging around for a while, and even more especially those with no outside space.
For the benefit of anyone unfamiliar with London prices, I’m not talking the more expensive areas, either.