In the 1980s the housing market was driven by first time buyers, it was bottom up. What we're seeing now is a housing market that's partly bottom up, but is also just as much being driven by the top people pushing up the price of the more expensive properties, and that pulls up the prices of other properties as well. Stamp duty little effect These housing hotspots are not restricted to London. In Leeds, for example, loft conversions in the centre are being sold for more than 1m. However others doubt this will have an effect.
Most people just add it on to their mortgage.