Property prices may be climbing throughout the UK, but some of the pricier areas of London are experiencing a downturn.
Prime central locations are believed to have dropped 6.7% since 2014, with some regions falling by 0.8% in the first quarter of 2016 alone.
This decline is believed to be in part due to the introduction of the new increased stamp duty rates which as well as affecting all investment purchases, also impacts second home purchases worth over £125,000. This change comes into play tomorrow, following its announcement in the Autumn Statement.
Not all of London is feeling the pinch though. The outer areas, such as Richmond, Wimbledon, Putney and Wandsworth are all rising along with the rest of the country – possibly as these areas are more attractive to ‘standard’ residential buyers, who are not going to be adversely affected by the rise in stamp duty.
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