STAMP DUTY REFORM SLOWS FIRST QUARTER HOUSE PRICE GROWTH
A new report from estate agent Marsh & Parsons has revealed the average value of property in London rose considerably during 2014, with most of the price hikes happening during the first quarter of the year.
Yet, while there were steep rises during the early months, with an average increase of £260 a day or a total value of £95,000, the market slowed as it headed into 2015.
Demand for housing fell, with the Royal Institute of Chartered Surveyors reporting London to be the only region in the UK where more prices fell then increased.
It was the first quarterly dip for three and a half years and it followed the Chancellor’s recent reforms to legislation which hit high value properties, many of which are located in London, discouraging buyers.
BALHAM SEES PRICES SOAR
The suburb of Balham, a favourite of first time buyers and those with young families, saw the biggest hike in 2014 as its prices outstripped the rest of the capital at an incredible 21% or £152,000.
This has been attributed to professionals who’re unable to afford areas such as Fulham moving to neighbourhoods further out of the city in the hunt for more affordable homes.
In contrast, Holland Park and Kensington, both considered to be prime central areas, saw an 8% rise over the same period.
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To find out more about how Fiducia can manage your Stamp duty land tax payments, call us on 01625 599 200 or fill in an enquiry form and we will be able to answer any questions you may have.