These are the cities in which the stamp duty exemption will have more impact
London, Manchester, and Birmingham house the greater number of homes listed for sale at £ 500,000 or less, thus part of the stamp duty exemption, according to research by estate agents Benham and Reeves. Figures show that London has 42,422 properties, Manchester has 7,365 properties, and Birmingham has 7,011 properties currently for sale at £ 500,000 or less. Liverpool, Bristol, Nottingham, and Glasgow follow closely.
The impact of the exemption will affect sales prices.
Belfast, Swansea, and Aberdeen contain the highest proportion of property stocks listed at £ 500,000 or less as a percentage of all homes for sale. The capital is also home to the largest number of pending sales because it will immediately benefit from the tax holiday. Of the 42,422 homes listed for sale in London, 16,409 are already sold subject to contract or offer.
Benham and Reeves analyzed the current stock levels of properties for sale on Rightmove in 23 major UK cities. As part of the data, the estate agent looked at which city had the highest percentage of inventory on the threshold of £ 500,000 or less and which city has the most homes sold under contract or under offer to see where would see the most immediate stamp duty-free boost for homebuyers.
“Buying a home in London will help you save money.”
Marc von Grundherr, director of Benham and Reeves, said: “Breaking down the stock of current properties available on the market gives us a good idea of how many people will benefit from the stamp tax changes announced last week.
“As a result, the figures show that the vast majority of home buyers will be better off; Even in London, there will be considerable savings for a large number of those who transact in almost every county.
“However, there is a chance that smart home sellers who have seen their property values drop due to the recent pandemic are now increasing their starting price a little more.
“Our advice to home buyers would be to get to know your market, stick to your guns when bidding, and keep your tax savings in your back pocket. You can use it as a bargaining chip in case you need it later when you trade, but don’t be forced to offer more right away.”
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