Rising UK taxes drive top-end market interest

A RECORD-BREAKING local property could be a sign of things to come as wealthy people look to avoid rising taxes in the UK, according to one of the agents selling the property.

Woodlands is on the market for £16m. with Knight Frank and Swoffers. The restored cider farm, which featured on the front page of the Daily Telegraph's property supplement on Saturday, is on the market for more than double the current record of £7.5m.

'There is an increasing level of interest being shown in the island from high net worth entrepreneurs interested in buying property in the island, particularly bearing in mind the increased 50% tax rate next year that comes into effect in the UK,' said Matthew Henry, managing director of Swoffers.

He said Guernsey had a lot to offer in terms of lifestyle and tax benefits. 'A house of this calibre coming to market shows confidence in the Guernsey open market and the fact that this encourages positive publicity for Guernsey can only be of benefit for the island as a whole.'

In the Telegraph article, Guernsey was described as being blessed with an old-fashioned charm and a housing market barely affected by the crunch.

John and Mary Goodyear retired to Guernsey 11 years ago for tax reasons. They bought the Castel property seven years ago.

It features five bedroom suites, a galleried library, oak floors and a farmhouse kitchen with a yellow Aga. In the grounds are a separate three-bedroom house, also open market, two local market staff cottages, garages and 25 acres of land.