At David Harris & Co, we believe Finchley has a lot to offer. There are many great places to live in and around London, but the local area is a fantastic place to settle down while still making the most of life.
We’ve helped many buyers and vendors in recent times, and there is a lot of research indicating people are snapping up property in the capital city.
A recent study provides evidence that buyers in London enjoyed the benefits of the stamp duty holiday. The findings suggest 85% of property transactions since July 8th have been below the £500,000 threshold. This means they are exempt from stamp duty for the duration of the holiday.
Of course, homes that were affordable enough, or which were bought by first-time buyers would likely have been exempt from stamp duty anyway.
Significant savings to be made in London
The findings indicate there have been stamp duty savings of £190m alone in the capital. 49% of London purchases completed below the £500,000 threshold, meaning no tax was paid.
By contrast, 99.7% of all residential transactions in Sunderland have been stamp duty exempt. This is because the homes were cheap enough to go below the main stamp duty threshold, or they were bought by first-time buyers.
The study found 147,969 transactions which would have been eligible for stamp duty without the holiday, but which were exempt as they concluded after July 8th.
The agency said; “Before the stamp duty holiday, the 147,969 homebuyers would have paid £1.444 billion in stamp duty. Thanks to the reprieve in place, the stamp duty paid equates to £627.467m, a saving of £817.0m.”
Around £5.6m a day have been saved by buyers since the stamp duty holiday was introduced.
Why choose Finchley?
Towards the end of January 2021, Rightmove said this about Finchley house prices:
“Properties in Finchley had an overall average price of £648,975 over the last year.
The majority of sales in Finchley during the last year were flats, selling for an average price of £430,098. Terraced properties sold for an average of £694,178, with semi-detached properties fetching £886,779.
Overall, sold prices in Finchley over the last year were 7% up on the previous year and 4% up on the 2017 peak of £622,539.”
If you are looking at first-time buyers in London, the price of flats or terraced properties in Finchley are not out of the question for many buyers. With the average price of flats in the area coming in under the threshold, first-time buyers who purchased in Finchley wouldn’t have paid any stamp duty!
This is a tremendous saving, and it is a huge reason as to why we have helped so many buyers and vendors in recent months.
There has been a considerable level of media focus on people leaving London, but this is far from the full story.
Yes, many households have left the capital. With remote working looking like a key feature of life for many people, a lot of people have seized the chance for freedom.
However, for many other people, London is their dream living location, and the stamp duty holiday has allowed them to live these dreams.
We are widely recognised as one of Finchley's leading and most successful independent Estate Agents and have been established since 1989. We can provide you with a property valuation, and if you are looking for property in the local area, sign up for our property alert service.
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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