UK house prices: Westminster becomes least desirable London borough to buy property

Westminster has become the least desirable London borough to buy property, after the UK Chancellor's stamp duty reforms made it practically unaffordable to most people.

Online estate agent eMoov said the central borough was the worst performing of any in London, with only 17% of homes put the market in December being snapped up.

This is a significant drop from February, when 29% of properties put up for sale in Wesminster - which includes the ube-wealthy enclaves of Belgravia, Mayfair, and Knightsbridge - found buyers.

"The borough of Westminster has the highest average property price in the country (£1.7m) and with the Autumn Statement stamp duty reform only benefiting those paying up to £932,000, things are unlikely to pick up any time soon," said Russell Quirk, founder of eMoov.

"Add to this the possible introduction of a mansion tax if Labour win the next election and we could see Westminster fall even further down the rankings.

"The market between £2m and £10m is dead. I am now walking away from buying anything over £2,000 a sq ft," said Quirk.

Emoov said that Westminster has fallen to 93<sup>rd place out of the top 100 most in-demand areas of the UK. Bexley is in poll position, with 71% of the properties on the market in December having been sold so far.

UK Chancellor George Osborne revealed in the Autumn Statement that Britain would scrap the old stamp duty slab system, claiming this would help "98% of homebuyers".

However, homes that cost over £937,000 will see their stamp duty bill go up under the new system, said Osborne.