House prices in London pass £500,000 for the first time
The TelegraphThe average London house price has broken the £500,000 barrier for the first time, according to official figures, as stamp duty cut has fuelled sales despite many movers escaping to the country. High property prices also means that demand could be particularly responsive to the temporary stamp duty holiday, it added. “In particular, prices in London have rebounded strongly, partly driven by a return of international buyers returning to areas such as Kensington and Chelsea, to beat the additional foreign buyer tax due to be introduced in April.” There have been calls to extend the stamp duty holiday beyond March because of fears that some buyers who are already part way through the process could miss out. He said the eventual withdrawal of the furlough scheme, mortgage payment holidays and the return of the stamp duty threshold to its former level "likely would leave house prices about two per cent lower by the end of the year than at present".