The average residential property in the north-west is still below the threshold above which the stamp duty property tax must be paid, according to new figures.
Data from the Land Registry – which is based on actual selling prices, rather than valuations or asking prices – shows the average north-west property now costs £113,389.
This is almost £12,000 below the £125,000 cut-off point above which stamp duty property tax must be paid, and which is charged on the average property throughout the south, London and the Midlands.
Much of the north, and Wales as a whole, falls below the stamp duty threshold on average, but with just a few thousand pounds’ margin in some cases, the rate of house price increases is significant.
For the north-west, the annual change in house prices to September 2014 was 4.3%, but in the last month of that period prices actually dropped by 0.5%.
The stamp duty threshold will always represent a barrier, with most selling prices falling just below, rather than just above, the cut-off point.
So if you have property to sell – or are looking to buy – speak to our property accountants to determine what impact this property tax might have on your asking price, or on the final value of any offer put forward.