A converted watermill comes pretty close to being my ideal home – and watermills don’t come much better than this beauty in Piltdown, East Sussex.
Sadly, these properties tend to have hefty price tags, so it’s unlikely I’ll be buying myself one for Christmas (or ever, to be honest).
Still, on a filthy wet Monday, this is a very pleasant bit of escapism.
Ok, this won’t come as a big surprise to parents: a property close to a good school will cost a whole lot more than one close to a … not so good school.
But how much more? Savills have crunched the numbers and concluded that:
- Homes in the vicinity of the top-performing 25 per cent of secondary schools now cost 16 per cent more than their county average, up from 13 per cent in 2007.
- At the extreme, homes in areas with a combination of good state and independent schools can be worth two or three times their county average.
The results are much more dramatic at suburb level than at town level.
House prices in first placed suburb Altringham are more than twice the average for Greater Manchester, while those in Hallam in Sheffield, Clifton in Bristol, and Solihull and Sutton Coldfield in the West Midlands all outstrip their metropolitan authority average by more than 50 per cent.
(Ps: I know this is a table, not a graph. There is a graph in the Savills’ report, but it will make your head hurt.)
The Property: A disused Victorian water tower plus two gatehouses.
The Place: London SE11
The Price: £995,000 for the three properties, or £395,000 for the water tower, £350,000 for gatehouse 1, and £250,000 for gatehouse 2.
The Pain: Eight floors, all of them Grade II listed, with a water tank on the top. This is a challenging project, and if you don’t manage it well, it could very quickly become an expensive one.
The Gain: It’s unique, it has amazing potential and it could be your big chance to do the whole Grand Designs thing. Nice view from the top as well!
The Agent:Daniel Cobb, Tel: 0843 2834 915
Last year HM Treasury announced that property purchases of £175,000 or less would not be subject to stamp duty. This announcement was intended to kick-start the troubled housing market. As we all know, this kick-start never came.
Consequently, as part of the 2009 Budget, this holiday was then extended until the end of 2009.
So, with just 41 days left till the extension runs out and the previous level of £125,000 comes back into play, what exactly has been the effect for buyers?
In short, the holiday has had little impact, falling well below government forecasts. £428m below to be precise and benefiting only 115,447 home buyers in the first year (Sept 2008- Sept 2009). This works out at less than a quarter of the number the government predicted to benefit.
Between 2 September 2008 (when the holiday took effect) and 1 September 2009, the tax relief saved property buyers only £173 million, compared to the £600 million forecast by the government.
The extension of the holiday to the end of 2009 will also provide only limited relief with an additional 37,500 buyers expected to benefit in the last four months of 2009, saving a further £61 million.
Property buyers in London have benefited least from the stamp duty holiday, where typical house values (£374,284) are almost double the national average. Only 13% of transactions in the capital were eligible for the tax relief (£125,000-£175,000 price bracket) between September 2008 and September 2009, far lower than any other region, and saving buyers just £9.4 million.
But certain areas within commuting distance of London still offer the opportunity to take advantage of the stamp duty holiday before it expires at the end of the year and here they are:
TOP 5 AREAS WHERE BUYERS HAVE BENEFITED FROM STAMP DUTY HOLIDAY
|Area||Average property value (Nov 09)*||% of sales benefiting from stamp duty holiday (Sep 08 – Sep 09)|
|Milton Keynes (MK9)||£147,139||55.1%|
* Source: Zoopla.co.uk
Nick Leeming, our Commercial Director believes that, “The stamp duty holiday has so far failed to reinvigorate the housing market in the way that the government predicted, with limited relief for first-time buyers particularly in the South East. With the government’s plummeting stamp duty revenues, the golden goose of stamp duty now seems somewhat of a dead duck. Rather than ending the stamp duty holiday, the government should seriously consider extending it by making first time buyers permanently exempt and by giving others the ability to defer payment for up to say five years ”
STAMP DUTY HOLIDAY BENEFICIARIES BY REGION
|Region||Average property value (Nov 09)*||% of sales benefiting from stamp duty holiday (Sep 08 – Sep 09)|
|East of England||£218,616||28.9%|
|Yorkshire and The Humber||£139,888||24.5%|
* Source: Zoopla.co.uk
To support the 1808 campaign to reform Stamp Duty Land Tax, click here or to view five of the best stamp duty bargains, click here.
The stamp duty holiday implemented in September 2008, at the height of the property downturn, has helped only 115,447 UK home buyers in its first year, according to our research. That’s less than a quarter of the number predicted by the government. The government also announced, as part of the 2009 Budget, that they would extend the holiday by four months till the end of 2009.
So, with only 41 days till the stamp duty extension ends, we’ve done the hard work for you and found five great properties that, under the current situation, are currently exempt from stamp duty charges.
Follow this link to see our research and read about what impact the stamp duty holiday and extension has had so far.