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:
According to the research, London hosts 42,422 properties on sale for £500,000 or less.
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.
Croydon has 3,492 properties on sale at or below the £500,000 threshold
Bromley has 2,370 properties on sale at or below the £500,000 threshold
Havering has 2,218 properties on sale at or below the £500,000 threshold
It will be no surprise to learn the City of London has the smallest number of properties for sale that fall below or on this threshold, with just 25 listings.
Buyers in Croydon can lower the cost of buying a home
As an estate agent who is active in Croydon, we believe we are ideally pleased to help you with whatever move you wish to make. While the stamp duty holiday is of benefit to households buying property, the increase in demand should provide vendors with greater confidence.
According to Zoopla, checked at the end of July 2020, the average price paid for property in Croydon in the past 12 months is £374,603. This is below the stamp duty threshold, which means a buyer purchasing at the average price of Corydon properties will pay no stamp duty. Previously, a purchase of this scale would have resulted in a stamp duty fee of more than £8,000. Therefore, there is a notable saving on offer to buyers who move before the 31st of March 2021 deadline.
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.”
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.