Britain's property hotspots revealed
Homeowners selling their homes in outer London boroughs and the commuter belt have seen a rise in demand for their properties over the first three months of the year, according to new research by estate agent eMoov.co.uk.
Its latest Property Hotspot Index – which measures changes in supply and demand based on data from property portals Rightmove and Zoopla – put the London borough of Bexley in first place, with a 72% demand – as compared to the UK average of 39%.
Bedford – also an easy commute to London – performed well, coming third in the index at 66%, along with Medway in Kent and Aylesbury (both 63%), which came fifth and sixth.
Top 10 coldest spots
Reflecting a cooling of demand for properties in prime central London, Westminster and Kensington and Chelsea were the “coldest spots”, both with demand at 12%.
Southwark (17%) and Hammersmith and Fulham (19%) were the other London boroughs to feature in the top 10 coldest spots.
North Tyneside came third (13%), while Stockton on Tees and Aberdeen were fourth and fifth respectively with 15%.
Demand for property is picking up in Aberdeen however. It was the top highest climber in the first quarter of 2016 with demand for properties up by 50%.
Durham is the the second-biggest climber in the last three months, with demand up by 42%.
Rhondda Cynon Taf was the only Welsh entry in the top 10 highest climbers in the past three months – up by 26%. Meanwhile South Lanarkshire joined Aberdeen as the only two Scottish areas to see demand climb in the past quarter – up by 23%.
A hugely unpopular tax paid on property and share purchases. Stamp duty on property is levied at 1% for purchases over £125,000 (£250,000 for first-time buyers) which then moves up at a tiered rate. For property between £125k and £250k you pay 1%, then 3% from £250k up to £500k and then 4% from £500k to £1m and then 5% for properties over £1m. But unlike income tax, which is “tiered” and different rates kick in at different levels, stamp duty is a “slab” tax where you pay the rate on the whole purchase price of the property. On shares, stamp duty is charged at a flat rate of 0.5% on all share purchases. Figures correct as of May 2011.
Everything you own: all your assets (property, cars, investments, savings, insurance payouts, artwork, furniture etc) minus any liabilities (debts, current bills, payments still owed on assets like cars and houses, credit card balances and other outstanding loans). When you’re alive this is called your wealth; when you’re dead, it becomes your estate.