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Volume declining by 1/3 in London

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The number of homes changing hands in London slumped by almost a third year on year in the spring, as changes to stamp duty rates, high prices and Brexit uncertainty slowed the market. The latest monthly index from estate agents Your Move found that in the three months to the end of April, sales in Greater London were down 29% on the same period in 2016.

https://www.theguardian.com/money/2017/jun/12/house-sales-in-greater-london-slump-by-almost-a-third-in-a-year

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As a home owner I couldn't afford to move to a house of a similar price despite earning a lot more than when I bought it.  Moving tax just makes it too much - the tax would be twice what my car cost (£10 k instead of £5k)

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7 minutes ago, iamnumerate said:

As a home owner I couldn't afford to move to a house of a similar price despite earning a lot more than when I bought it.  Moving tax just makes it too much - the tax would be twice what my car cost (£10 k instead of £5k)

I'm sure that's got a lot to do with it. Simply switching £1m pads in London will cost you over £40k in unborrowable money for stamp duty alone, plus all the other fees. It's a wonder anyone does it at all.

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1 minute ago, mattyboy1973 said:

I'm sure that's got a lot to do with it. Simply switching £1m pads in London will cost you over £40k in unborrowable money for stamp duty alone, plus all the other fees. It's a wonder anyone does it at all.

Particularly if you bought it when it was worth £100k and your income has risen with wages.  My wages have risen a lot since I bought my house but sadly not with the stamp duty payable (I can only wish).

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Interesting. And that includes all the sales rushed forward to march because of the tax changes. The rest of the year should start to look even more dramatic.

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3 minutes ago, Steppenpig said:

Interesting. And that includes all the sales rushed forward to march because of the tax changes. The rest of the year should start to look even more dramatic.

With the election result make that volumes down two thirds for the rest of the year.

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