Stamp duty represents "massive" cost for buyers
Those thinking of buying a home in London face huge costs due to the existence of stamp duty, it has been argued.
Luke Bennett, founder and managing director of SW19, noted that recent changes have not benefited the majority of people living in the capital.
In September the threshold value for homes required to pay the charge was raised from £125,000 to £175,000.
But with the average London price being far above that figure, Mr Bennett explained that stamp duty represents a "massive" addition to the cost of moving.
"What can you buy for £175,000 in and around London? Nothing at all," he said.
Those hoping to avoid the charge may wish to consider renting a house or flat rather than buying.
Last week the Land Registry released its monthly index of house prices in England and Wales, showing that the average value in the capital is £320,774 - nearly double the national figure.
Published 3rd December, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Those thinking of buying a home in London face huge costs due to the existence of stamp duty, it has been argued.