The Independent highlights the current challenges facing the London housing market, particularly a decline in buyer demand attributed to imminent changes in stamp duty thresholds. A new report from Zoopla reveals that the upcoming reduction in the nil-rate threshold for first-time buyers will result in a substantial increase in those required to pay stamp duty. As early as April 2025, it is projected that around 80% of new buyers in London will be paying this tax, significantly affecting homeownership prospects in high-priced areas.
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"London's housing market is experiencing a stamp duty 'hangover' with a significant drop in buyer demand, according to a new Zoopla report."
"Zoopla estimates this change will impact a substantial number of potential homebuyers in the capital. Around eight in 10 first-time buyers in London are expected to pay stamp duty after April 2025."
"The changes to stamp duty, applicable in England and Northern Ireland, are expected to disproportionately affect regions with higher house prices, such as London."
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