Press Release: Stamp Duty Holiday causing sellers to slash prices
Thu 04 Sep 2008
The effects of the Stamp Duty holiday are already being felt on the property market, according to estate agent Marsh & Parsons. Within a day of the Treasury announcing a one-year stamp duty holiday on homes worth up to 175,000, vendors are already dropping prices to lure buyers keen to save themselves up to 1,750.
Peter Rollings, managing director of Marsh & Parsons said: On Wednesday morning we began to see vendors who had been asking for around 200,000 dropping asking prices to below the threshold to tempt buyers. Vendors are already adjusting their behaviour but whether the stamp duty holiday has a direct effect on buyers remains to be seen. There arent many 175,000 properties in London though with the average cost of a London property close to 350,000, 175,000 properties should be snapped up.
CASE STUDY: Estate agent, Thomas Crabtree, Senior Sales Manager for Marsh & Parsons Clapham office saw a property registered with him drop from 195,000 to 175,000 on Wednesday morning. The property - a 377 sq ft studio with one reception room, a galley kitchen and a bathroom - is located on first floor of a converted Victorian house on Northbourne Road, near Londons Clapham Common. The property (which includes a share of the freehold) is within easy reach of both Clapham Common tube station and Clapham High Street train station, and is in fashionable SW4.
The seller, Clive de Rougemont, said: We thought it might have sold for around 225,000 last year but the markets come off a bit since then so we were asking for 195,000 until Tuesday. But when the Stamp Duty holiday was announced we thought we might tempt buyers after a tax bargain if we knocked another 20,000 from the asking price.
For further information please contact:
The Wriglesworth Consultancy
020 7427 1404
Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 14 offices situated in prime positions across central, west, and south London. They have an intimate and extensive knowledge of the area.
Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property. They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.