The best place to buy based on your Stamp Duty band
The best locations in which to buy a home by Stamp Duty band have been revealed by estate agent Jackson-Stops.
It analysed Rightmove data to find that Surrey currently has the highest number of properties on the market, ranging from studios to 10 bedroom homes, out of the 46 counties analysed excluding London.
There are 21,712 properties available in this county, accounting for 6% of all stock for sale in England’s counties. Kent and Essex follow closely behind with 19,387 (5.5%) and 19,334 (5.5%) properties respectively.
Nick Leeming, chairman of Jackson-Stops, said: “Regardless whether the buyer is new to the market or looking for a downsizer home, purchasing a property is a big commitment, so finding the right one for the right price is a must for many. The country is suffering from a chronic lack of stock so those counties that offer far more choice are therefore much more appealing to buyers, particularly for those with a specific budget.”
So, where should you look for a wide choice of homes based on the expected Stamp Duty bracket you’ll fall into?
Properties under £125,000
To get the best bang for your buck, Lancashire in north-west England comes out on top, as a result of having the highest number of properties available with the most amount of bedrooms. More than 5,700 properties are currently on the market in this county, making up 10% of the market in this price band. Offering more than 3,000 two bedroom homes, just under 2,000 three bedroom homes and almost 50 five and six bedroom homes, the area offers high levels of choice with the added benefit of no stamp duty implications.
However, if a smaller home is needed, buyers should turn their attention one hour south to Merseyside. The county, which is home to investment hotspots such as Liverpool, currently has the highest amount of studios and one bedroom apartments on the market (1,551) for less than £125,000.
Properties between £125,001 and £250,000
Lancashire remains the front runner in this band, with almost 6,000 homes currently on the market ranging from studios to ten bedroom homes.
Surrey, which is the ideal hotspot for London commuters, is currently home to the highest number of studios and one bedroom apartments (1,249) but only benefits from four, four bedroom homes in this price bracket.
Properties between £250,001 and £450,000
With Rightmove’s latest data stating that the national average asking price of new properties to the market has hit a new record of £305,732, it is not surprising to see the £250,001 to £450,000 price band has the most choice across the English county market.
The only way is Essex if you want the best possible choice for a two, three or four bedroom home for £250,001 to £450,000. Essex accounts for more than 8% of the market in this price bracket, and includes over 4,500 three bedroom homes alone. Kent follows in second position, currently taking home a 7% share of this market, with 8,250 properties in this band.
However, those looking for a country pile should look to Devon, where there are almost 100 six+ bedroom houses on the market.
Properties between £450,001 and £925,000
Commuter hotspot Surrey has the most amount of stock available for asking prices between £450,001 and £925,000, with almost 3,500 properties on the market. Almost 40% of the properties available in this band in the county of Surrey are three bedroom homes – making it an ideal hotspot for those looking for their first family home.
Those homeowners just across the border in Hampshire will be interested to know there are currently more than 2,700 extra three bedroom homes and over 1,000 additional four bedroom properties available in Surrey compared to their own home county’s property stock.
Properties between £925,001 and £1.5 million
Surrey remains the favourite with more than 1,700 properties available in this price band, making up almost 20% of this market. Kent and Hertfordshire follow in second and third position, but with around 700 properties available, Surrey is the clear winner in terms of choice, ranging from luxury studios and one bedroom apartments for city commuters to eight bedroom family homes.
More than half of all counties analysed have less than 100 properties on the market in this price bracket, which shows a clear lack of properties available at the top end of the market. With a minimum of £36,250 required in stamp duty costs for a £925,000 property, this could be having a significant impact on sellers’ current decisions to market their home.
Properties above £1.5 million
Unsurprisingly, Surrey continues to remain in prime position in the £1.5 million plus bracket. Out of the 4,600 properties currently available for this price more than 1,100 are situated in Surrey. However, only 175 of these properties in Surrey include seven or more bedrooms.
Hertfordshire takes second position, with just under 350 properties available, which makes up 7.5% of the market. 34 of the counties analysed have less than 100 properties on the market for an asking price of more than £1.5 million, with just four properties on the market in South Yorkshire and Bristol.