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Stamp duty changes set to benefit Croydon, say estate agents

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CHANGES to stamp duty on houses could make Croydon one of the best areas to buy in London, according to estate agents.

Chancellor George Osborne announced an overhaul of stamp duty into a tiered system that is likely to benefit those who want to buy and sell lower-value properties.

Previously, buyers paid one per cent of the entire property worth between £125,000 and £250,000, while anyone buying properties between £250,001 and £500,000 paid three per cent stamp duty on the entire property's value.

Under the new system, there will be no stamp duty on properties up to £125,000, and two per cent on the proportion of any property costing more than that between £125,001 and £250,000.

And for any property above £250,000 and below £925,000, buyers will only pay five per cent on that part of the property.

Mike Ricketts is regional sales manager for Spicer Haart Land and New Homes, which runs the marketing of the Island development in West Croydon, as well as developments across the capital.

He said: "I think Croydon will do very well out of this. An overhaul has been long overdue. The idea that you have this arbitrary figure which everyone pays up to this is outdated.

"The idea of tiering it is sensible; it kind of fits in with income tax.

"There are some parts of London you could argue it wouldn't work very well. The properties that will save the most are around the £250,000 mark, but Croydon is one of the few places in London that is blessed with those sort of properties."

Ayyaz Choudry, director of James Chiltern Estate Agents, in London Road, added: "We have found it extremely positive. It's a quiet time of year but we have already sold eight houses this month.

"Croydon is a place where a lot of houses do sell in between that £250,000 to £300,000 bracket, so it works out very positively."

Stamp duty changes set to benefit Croydon, say estate agents


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