Pocket a flat in the city for less

FYOU'RE trying to sell your home this summer you already know you need a flexible approach thanks to a double whammy of changing stamp duty charges and static interest rates that have caused a series of sales surges and slumps over the past 12 months or more.

- By Deborah Stone

Before the end of March, 49 per cent of people paid stamp duty if they bought a new home and 19 per cent of first-time buyers, according to property portal Zoopla, thanks to the previous Government's temporary reduction of stamp duty rates as part of its Growth Plan.

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

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

However, there is some hope for first-time buyers in London, where Pocket Living builds and sells affordable homes for at least 20 per cent below market value to Londoners who fulfil certain criteria.