As the deadline of the stamp rights approaches, new research quantifies from mortgage broker Mojo Mortgages, which the first buyers in London have to pay to take their first step on the real estate ladder.
Mojo analyzed the average house price in every larger neighborhood in London before calculating the current stamp obligation costs today and comparing them from 1 April with the predicted seal rights.
It reveals that the average increase in stamping rights in all London Boroughs for first buyers will be £ 6,408, from £ 11,419 to £ 17,827.
The analysis also shows that 15 districts will see the maximum increase of £ 11,250, including popular areas such as Barnet, Brent, Ealing and Hackney.
First buyers in Havering, Bexley and Croydon, who currently do not pay stamp rights, will be confronted with new costs of £ 11,150, £ 10,300 and £ 10,150, respectively.
Barking and Dagenham, despite having the lowest average house price for £ 344,000, will still be introduced stamp rights at £ 7,200 for first buyers.
The most expensive municipality, Kensington and Chelsea, with an average price of £ 1,070,000, will see a relatively small increase of £ 2,500, from £ 48,250 to £ 50,750.
And Westminster, the second most expensive town, will have the highest stamp rights for first buyers for £ 33,300 after the changes.
Responding to the findings Mojo’s head Hypotheken John Fraser-Tucker said: “These changes are an important shift for buyers in London. With the zero-rate threshold that falls to £ 300,000 and maximum exemption lowered to £ 500,000, many buyers can be confronted with unexpected costs. It is the key to the key.