Londoners 'not buying in capital'
Many tenants living in London have found a way to take advantage of the stamp duty holiday.
According to the Property Investor Show, renters in the capital are seeking properties to purchase in more affordable areas of the country for buy-to-let purposes.
In the meantime, they are continuing to rent in London.
Managing director Nick Clark explained: "By becoming a landlord in a more affordable area they are ensuring that they are on the property ladder before prices begin to climb again."
He added that as rental yields have increased and house prices have fallen, there are some "great opportunities" to be had.
Only 11 per cent of London house buyers are eligible for the stamp duty holiday on properties under £175,000 due to the price of property in the capital, the Property Investment Show noted.
However, it stated that figures from the Council of Mortgage Lenders suggest this percentage is much higher in other parts of the country.
The latest house price index from Communities and Local Government revealed that in July London had the country's highest average house price at £343,182.
Published 19th September, 2008
© 2008 Estates IT Limited
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