Impact Of Stamp Duty Holiday – North London

The recent changes to stamp duty will influence buyer behaviour, with many buyers being able to save money on the total cost of buying a house.

At Ariston Property, we are keen to keep you up to date regarding changes in the housing market, and how they affect you, and the local market. The recent changes to stamp duty will influence buyer behaviour, with many buyers being able to save money on the total cost of buying a house.

With the stamp duty threshold now set at £500,000; many industry specialists have been examining property portals and calculating where the best locations are for homes at this price.

The three cities which host the most properties for sale listed for sale at £500,000 or less are:

• London

• Manchester

• Birmingham

According to the research, London hosts 42,422 properties on sale for £500,000 or less, Manchester has 7,365 and Birmingham has 7,011. Other cities which rank amongst the highest for having properties on sale in this price range include Glasgow, Nottingham, Bristol and Liverpool.

London is the city which offers benefits

It will come as no surprise to many people that the Chancellor of the Exchequer’s announcement will have the largest impact in London. This is the city where property buyers are likely to see the most immediate benefit. Within the 42,422 properties listed for sale at a price of £500,000 or less, more than 16,000 are listed as “already sold subject to contract” or are under offer.

People who acted quickly after the housing market re-opened, or whose deal was delayed when lockdown occurred, might be in line for a helpful saving. Of course, buyers who concluded their deal in the days before the announcement will feel aggrieved at missing out on the saving.

We serve the North London community with pride

At Ariston Property, we are proud to serve the North London community with pride. If you are looking to buy property in the area, you will benefit from saving money on stamp duty. If you plan on selling your home in this part of London, you should benefit from buyers finding the total purchase price more affordable.

According to Zoopla, the average price paid for property in key areas of North London are as follows:

• Archway, N19, has an average price paid of £693,598

• Crouch End, N8, has an average price paid of £747,719

• Finsbury Park, N4, has an average price paid of £611,253

• Holloway, N7, has an average price paid of £623,666

• Highgate, N6, has an average price paid of £1,294,991

The diversity of prices paid for property across North London indicates there is a considerable range of houses to choose from. All thesr average prices are above the £500,000 threshold, allowing buyers to save £15, on stamp duty when buying in the area.

Marc von Grundherr, a leading name in the property industry, said; “Breaking down the current property stock available on the market really gives us a good idea as to just how many people are due to benefit from the changes to stamp duty announced last week. The figures show that the vast majority of homebuyers will be better off as a result. Even in London, there will be a considerable saving for a vast number of those transacting across almost every borough.”

Marc continued by saying; “However, there is a chance that savvy home sellers who may have seen the value of their property slump due to the recent pandemic will now increase their asking price by that little bit extra. Our advice to homebuyers would be to know your market, stick to your guns when making an offer, and keep your stamp duty saving in your back pocket. You can use it as a bargaining chip should you need it further down the line when negotiating, but don’t be forced to over offer straight away.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.