Pocket a flat in the city for less

IF YOU’RE trying to sell your home this summer you already know you need a flexible approach thanks to a double whammy of changing charges and – until yesterday – static interest rates – that have caused a series of sales surges and slumps over the past 12 months or so.

- By Deborah Stone

Before the end of March, 49% of people paid stamp duty in England and Wales if they bought a new home (and in the case of first-time buyers 19%), according to property portal Zoopla – thanks to the previous UK government’s temporary reduction of rates as part of its growth plan.

The Government’s decision not to continue the reduction after the March 31 deadline means stamp duty is now paid by 83% of homeowners, including 41% of first-time buyers.

London and the South East are the worst affected regions of England, with the average first-time buyer price in London attracting a £6,100 stamp duty charge compared with no charge before April 1.