The new 'tiered' stamp duty rules will see winners and losers in Chiswick. There is likely to be a rise in 'buyer bargaining' over the next few months at the higher end of the market, as reported on local news website
www.chiswickw4.com
The average price of a property in Chiswick is over £1 million according to the latest
Land Registry figures.
Christian Harper of
Harper Finn is concerned that it could cause the market to stall, at what is traditionally a quiet time of year. "The Chancellor’s announcement regarding stamp duty was designed to restructure the ‘fairness’ of stamp duty for the UK as a whole. Within 45 minutes of the announcement we received a revised offer from a buyer who simply doesn't have the extra £30k that they will now have to pay.
"On the brighter side eleven of our current buyers will now have to pay less after midnight tonight. Under the new system, you now pay the increasing percentage only on the portion of the value over each threshold."
This means that an apartment in Chiswick worth for example, £600,000, would now attract a Stamp Duty charge of £20,000. With the previous system, a buyer would have paid £24,000. In fact, buyers of any properties worth up to £925,000 will be better off. However, a home worth, for example, £1.75 million would have cost a buyer £87,500 but will now cost £111,250 in Stamp Duty.
Read the full story including a comparison chart of old and new stamp duty.
