New research carried out by Placebuzz, using data from the Land Registry, finds that Hull is the most first-time buyer-friendly city in the country, offering the highest percentage of properties for sale under the £125,000 zero percent stamp duty threshold.
The site compared the number of properties for sale in 40 of the major towns and cities in the UK with the number of homes with an asking price of £125,000 or less. Properties above the threshold automatically incur a stamp duty charge of at least 1 per cent of the purchase price.
In Hull, 738 out of 1175 properties on the market have asking prices of £125,000 or less, making up almost two thirds (63 per cent) of all stock that is not liable for the charge. It is not the only city in the region to favour first-time buyers, though: eight of the top 10 towns and cities with the largest percentage of zero per cent stamp duty properties were in the north of England. Apart from Hull, more than 50 per cent of properties in Bradford and Barnsley, and more than 40 per cent in Sheffield, Wigan, Middlesbrough, Bolton and Liverpool, were on sale for £125,000 or less.
Predictably, London fared the worst with less than half a percent – just 69 properties out of almost 27,000 across the capital – falling into the zero percent stamp duty bracket.
Several of the country’s oldest university towns are also decidedly first time buyer unfriendly. Cambridge and Oxford came third and fourth respectively in the list, each with less than 1 per cent of all properties for sale, while Edinburgh fared little better at sixth, with just 4 per cent of homes for sale in the lower price bracket.
Andy Hatoum, co-founder of Placebuzz.com, comments: “Our research highlights the reason why campaigns calling for an overhaul of stamp duty charges are gaining traction in the run up to next year’s general election. Properties falling within the stamp duty exemption bracket are now at dangerously low levels in many areas, particularly in the south and midlands.”
Source: The Movechannel