According to a recent review, property buyers in London saved more than £1bn thanks to the stamp duty holiday. Analysis of close to 87,000 property deals in the capital, saw a figure of more than £1,01bn saved in the first wave of the stamp duty holiday.
In the second wave, with the threshold reduced, running between 1st July 2021 and 30th September 2021, a further £4.3m was saved by London house buyers.
At David Harris & Co, we are fully focused on the London housing market, and if you require any assistance in the market, come and speak with us.
Biggest stamp duty savings by London boroughs
As you know, while people talk about the London housing market, it is more accurate to describe it as many different markets. The savings in some areas were considerable, and the London regions where buyers benefited most thanks to stamp duty saving include:
· Wandsworth, a total of £65.8m was saved throughout the stamp duty holiday, accumulating 6.5% of the savings in London
· Bromley saw £60.4m in savings
·Lambeth experienced £47m in savings
· Barnet was ranked fourth, with £46.1m in savings
· Croydon saw £44.1m in savings
After the top five, other Boroughs where a lot of money was saved by buyers include Richmond, Lewisham, Waltham Forest, Havering and Southwark.
Barnet buyers enjoyed great savings when buying property
As you would expect, at David Harris & Co, we are more concerned with the borough of Barnet, and it is pleasing to see the area in the top five. A lot of homeowners managed to enjoy a saving in buying property in the past year, and there has been considerable activity in the local housing market.
If you are keen to make a move in the near future, come and speak with us, and we will be more than happy to assist you.
Marc von Grundherr, a known name in the London housing market, said; “We simply didn’t see the mass hysteria of a potential stamp duty saving grip the London market in the same way it did across the rest of the UK, but despite this, London still saw the second-largest saving of all regions in England. Much of this saving came during the first stage of the holiday when the threshold was more meaningful to the London market but the capital’s homebuyer still enjoyed the fourth largest saving during the second phase of the scheme.”
Marc continued by saying; “This is fairly impressive given the fact that the region was moving at a far slower pace than the rest of the nation and really demonstrates the value of London bricks and mortar, even when the market isn’t firing on all cylinders. When analysing the market by borough the pandemic influence of the last 18 months or so is clear to see. Transactions and, as a result, the total stamp duty saving were far higher across London’s more peripheral boroughs where buyers were able to buy bigger and with more outdoor space.”
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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