Real Estate
London Homebuyers in Last Ditch Effort to Dodge Stamp Duty Hike
Many first-time buyers are rushing to get on the property ladder before the new levy comes into effect on April 1.
Even with pent-up demand, the UK housing market has lost its shine in recent years.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Stephanie Evanson, a paralegal from Birmingham, is in a race against time to complete the purchase of a £500,000 ($647,000) apartment in southwest London.
The 26-year old and her partner are due to exchange contracts on a property near Wimbledon just before the end of the month. That’s the deadline for buyers to complete deals before higher rates of UK stamp duty tax kick in, potentially adding thousands of pounds to the cost of buying a home.