Chancellor Phillip Hammond has abolished stamp duty with immediate effect for first time buyers purchasing a home up to £300,000. A saving of £5,000 which is not to be sniffed at.
In London and other high price areas, a purchaser of a home up to £500,000 will be exempt from paying stamp duty on the first £300,000.
At first glance, this change should have a positive impact on 80% of first time buyers and should really kick start the market again in certain areas especially in outer London where property prices are slightly cheaper.
There may be an argument that this could have a negative effect on those sellers marketing a home for £310k-£325k with prospective buyers sure to be looking to purchase just below that £300,000 mark to secure a £5,000 saving.
This can of course be counteracted by efficient agents pricing homes properly regardless of the change and negotiating well for their clients.
So how is West Hampstead effected?
In all honesty…not that much!
According to current Zoopla estimates the average price for a flat in West Hampstead stands at £684,111. Transactions above £500,000 remain unchanged in the stamp duty payable so unfortunately there is no relief for those first time buyers fortunate enough to be purchasing at a higher level.
By Lionel Stoll & Ollie Gorman