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£34m Barnet mansion most expensive property sold in December

PUBLISHED: 11:27 04 February 2015 | UPDATED: 11:27 04 February 2015

Jersey House on The Bishops Avenue, London N2 sold for £33.7 million in December 2014

Jersey House on The Bishops Avenue, London N2 sold for £33.7 million in December 2014

Archant

A mansion on The Bishop’s Avenue was the third most expensive property to be sold in London last year according to Land Registry figures.

Jersey House on the prestigious Hampstead Garden Suburb street was sold in December for £33,700,000.

The house is set in 1.2 acre grounds behind electric gates, with staff quarters and a York stone-paved carriage drive.

The eight-bedroom residence includes an eight-person, leather-lined lift, and luxury finishes such as mosaics, handmade silk and 10 different types of marble have been used throughout the interiors.

The kitchen is stocked with state-of-the-art technology, including a dumb waiter connecting with the catering kitchen below, so that food can be prepared and delivered to the family areas, sub-zero refrigeration, and a remote control-operated concealed television built into the central island.

It’s often curious to imagine what Buddha would think about his appropriation as a high-end home accessory but he keeps a watchful eye over several rooms in the property, including the wood-panelled library.

The sale of Jersey House was registered on 5th December, suggesting that it may have been one of the many properties rushed through in order to avoid paying increased Stamp Duty.

Research from LonRes found that £9.4 million was saved in Stamp Duty payments in one day as a week’s worth of properties exchanged in one day on the 3rd December when the changes were announced, so as to beat the midnight cut off.

Of all these properties, 90 per cent would have incurred higher Stamp Duty costs if they’d exchanged on the following day.

Under the new rules, Jersey House would be liable for a Stamp Duty payment of £3,957,750. If the deal did go through before midnight on the 3rd of December however, the new owner would have paid only £2,359,000, representing a potential saving of £1,598,750.

The double-fronted property is currently listed for sale on Glentree Estates website, but Trevor Abrahmsohn, director of the company, declined to comment on news of the sale.

Abrahmsohn did say that the company had seen a significant level of activity on the 3rd December after the Autumn Statement.

He said: “There was a rush to the finish and it accelerated deals that would have taken months.

“After the Autumn budget, transaction tax has gone up by 240 per cent, effectively. That’s an obscene rise in transaction tax and it’s self-defeating as well, because there’ll be fewer transactions so it will raise less money.”

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