Which London borough will pay most stamp duty under Osborne’s new rules?
Buyers moving to Kensington and Chelsea will contribute more stamp duty than any other London borough under new plans revealed by George Osborne in his Autumn Statement today.
More than 12,500 homes in the borough will be subject to a higher rate of stamp duty after the changes come into effect.
New Westminster residents would contribute the next highest amount, with more than 10,000 properties in the area valued at more than £937,500, the threshold when the higher stamp duty will come into play.
Wandsworth, Camden, Richmond and Hammersmith and Fulham will also contribute a high amount compared to other areas of London, with more than 3,000 properties valued above the threshold, according to figures from the Land Registry which records the sale price of properties stretching back to 1995.
George Osborne said today that stamp duty will remain the same or become cheaper for properties priced under £937,500, the equivalent of 98 per cent of all stamp duty paid.
Those eyeing up more expensive homes will be subject to a higher rate based on an income tax-like framework based on the value of the house (read more about how it works here).
Chart notes: The Land Registry figures are representative of the properties sold over the last 19 years for more than £937,500 and would not include property sold outside this time, or reflect properties previously sold below that price and that may have risen in price above this bracket. As such, it is likely to be a conservative estimate of properties worth more than £937,500.