The coming months are expected to contain some possibly unique times for boroughs surrounding the Capital City and London itself. The stamp duty is estimated to create an increase effect on house prices around London in the year 2015. The increase is estimated to be around the 3% mark. London however, is expected to be on the stagnant side for property cost increases. Some areas around Briton will see increases in house costs in the range of 5%, according to the Royal Institution of Chartered Surveyors.

The North West leads the list of areas which will see increases in house prices due to the stamp duty, followed by the South East, West Midlands, and Yorkshire, according to RICS.

House hunters interested in properties which are valued at £1million plus could begin looking into less costly properties now as a result of the new stamp duties which are being instituted. Areas like Chelsea, Westminster, and Kensington could actually see property values go down as a result as the new cost in living in such areas.

Jeremy Blackburn with RICS, commented on stamp duty and the backlash it is creating on the political scene as a result, saying: “We've seen four housing ministers in this Parliament and there is no reason to think that housing won't continue to be a political football in the next.

“What we need is certainty, clarity and confidence from government to keep us building homes.

“Reforms to stamp duty should underpin public confidence and lead to a greater number of housing transactions and we would now look to any future government to review council tax.”