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The Change to the Stamp Duty Periphery Will Have Little Effect on the London Property Market According to Winkworth

The Stamp Duty holiday, which means buyers donít have to pay stamp tax if the property they purchase is under £175,000, will be over at the end of this year.

London, United Kingdom, December 14, 2009 --( The 1% tax will be levied on properties sold for over £125,000 from the end of the year, compared with £175,000 now. The Government brought in the holiday in 2008 in order to encourage buyers to purchase – as they already faced a tough lending market.

Although the freeze on Stamp Duty did little to help the London market, where the average home costs well above the £175,000 band, it has helped buyers in other regions of the UK for whom the additional cost presented an obstacle.

Martin Thomson, Manager of Winkworth Sleaford says:

‘We saw a good increase in business after the Stamp Duty holiday announcement. You can buy a four bedroom family home in Lincolnshire for £175,000, so Stamp Duty exemption for properties under £175,000 helps a large number of home buyers in this area. At the moment, I have buyers agreeing to buy property, as long as the sale goes through before Christmas, in order to avoid Stamp Duty.’

The end of the Stamp Duty holiday could have a negative impact in areas such as Lincolnshire, where prices are stable but not yet rising and recovery is six months behind the London market. Where average prices are below the £175,000 mark, the removal of the Stamp Duty holiday could result in a dip in activity.

Other buyers who could potentially be affected by the reintroduction of Stamp Duty are first time buyers. The additional 1% transaction cost is still a major factor for this group of buyers who are already struggling to come up with the funds now required for a deposit.

Figures from the Winkworth website show that around half, and more, properties on the market with Winkworth offices in Cambridgeshire, Lincolnshire, Nottinghamshire and Yorkshire are priced under £175,000.

However, in Yorkshire, where 74% of Winkworth properties on the market are under the £175,000 cut-off point, the freezing of Stamp Duty back in September 2008 only made a difference to the £150,000-£175,000 range market. Properties under £150,000 in this area constitutes 65% of all properties – meaning a large portion of the Yorkshire market will be unaffected by the reintroduction of Stamp Duty for properties over £120,000.

In comparison, Winkworth offices in London have a very low percentage of properties on the market under the £175,000 limit – in central London there are none at all. This signals that the change to the Stamp Duty periphery will have little effect on the London property market.

Contact Information
Maddy Farrow
020 8576 5599

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