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Prime Central London - Property Ladder

Prime Central London - Property Ladder - Humberts.com

The Government should reconsider its tax changes.

Humberts Market Insight PCL

Rising Costs

For many domestic owner-occupiers, high prices and stamp duty make stepping up the ladder in PCL prohibitive. A move from the average one bedroom (£880,500) to the average two bedroom apartment, means finding an additional £686,000 including the stamp duty bill. This could finance extensive renovation works.

Prime London Central Market - Property Ladder - Humberts.com

While the price differential is so wide and the cost of moving so high, it is no surprise that where possible home owners are choosing to renovate, digging deep into their basements, converting their roof space or extending. 

Conversely, down-sizers are also reluctant to move given the stamp duty bill. It is often more cost effective to shut off the top floor, live downstairs and just stay put. In a space-constrained market this isn’t an optimal allocation of resources. 

There is no doubt that prohibitive purchase costs are capping transaction levels. The Government should reconsider its tax changes. 

Prime Central London - Property Ladder - Humberts.com


To download the full Humberts Market Insight PCL Report, please click here


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Contributed by

With a strong background in marketing and new media, Matt leads Humberts digital strategy, joining the company in 2015.

Humberts marketing

Matt Roffe

Marlborough

01672 518181