By Hugh Graham
Black Brick: The Property Ladder Is Disappearing — and It’s Stamp Duty’s Fault
First-time buyers across Britain are increasingly skipping starter properties altogether and going straight for family homes — a fundamental shift in how people approach the property market that Camilla Dell, founder of Black Brick, has been tracking closely, according to reporting in The Times.
The numbers tell a clear story. Some 73% of first-time buyers in Britain purchased a house in 2025, up from 62% in 2020, according to Hamptons estate agency. In London, the proportion has risen from 37% to 50% over the same period. The average age of a first-time buyer has hit a record high of 33.1, according to UK Finance data.
Dell explained the structural shift in straightforward terms. “In the old days, you might buy your studio, then sell it, then buy your one-bed, then sell, then a two or three-bed, then a family house,” she told The Times. “That pattern, certainly in London, has vanished as a result of extortionately high stamp duty rates. People are moving less and trying to future-proof. First-time buyers want a house that will last them a good ten years.”
The consequences for different parts of the market are significant, and Dell was direct about what this means for values. “There will be a potential oversupply of studio, one-bedroom and two-bedroom flats as they become less popular — and increasing demand for three to four-bedroom terraced houses, starter homes in outer prime London areas.” She highlighted healthy competition for £1 million houses in family neighbourhoods including Fulham, West Hampstead, Clapham and Balham.
The data reinforces her view: in London, average flat prices have grown just 2% over five years, compared with 12% for terraced houses. Nationally, flats are up 16% against 31% for terraced houses over the same period.
Dell reserved her sharpest criticism for stamp duty itself, which she sees as deeply damaging to overall market health. “Overall, volumes are massively down since George Osborne started messing around with stamp duty. That’s why it’s such a terrible tax. The housing market contributes a significant amount to GDP — and yet stamp duty stops the market from being fluid, as it causes people to stay in the same place longer than they should.”
As featured in The Times
Read the full article by Hugh Graham here.