With the threshold increased to £425,000, these buys look all the better value (Pictures: Supplied)
Stamp duty has always been a sore subject for potential property buyers.
However, a new measure has been introduced which can save house-hunters thousands.
In a bid to boost movement in the UK housing market, former Chancellor Kwasi Kwarteng announced a permanent stamp duty reduction for property purchases in England and Northern Ireland.
Under the new system, which came into effect on September 23, the threshold at which first-time buyers pay no stamp duty has increased from £300,000 to £425,000 and stands at 5% between £425,001 and £625,000.
‘We know from surveying first-time buyers across the UK that a quarter of first-time buyers nationally, and over a third of Londoners, believe a stamp duty cut is one of the most valuable forms of support,’ says Chris Hood, from property developer Fairview.
Nick Lieb, of Share To Buy, adds: ‘The property value cap being raised to £625,000 will really benefit those looking to purchase in areas such as across the capital and the south-east, where stamp duty rates considerably add to the cost of buying.’
If a stamp duty saving could help you take your first step on to the property ladder, here are some of the homes you can buy without paying a penny in tax.
Amber House, Bracknell
Ideal for commuters (Picture: Simon J Harvey)
Keen to get more space for your money? So Resi’s Amber House in Bracknell, Berkshire, has two-bedroom properties available through shared ownership costing £77,500 for a 25% share of a two-bedroom apartment worth £310,000.
With London Waterloo less than an hour away by train it is an ideal location for commuters.
Colindale Gardens, London
One-bedroom apartments at Colindale Gardens start at £385,000 (Picture: Redrow)
If you’re keen to buy in the capital, check out Redrow’s Colindale Gardens development in north London where one-bedroom apartments cost from £385,000.
A short walk from Colindale underground station, it takes only 22 minutes to get to King’s Cross and half an hour into central London.
All apartments come with private outdoor space and residents will benefit from a gym and concierge service.
Richmond Park, Dover
Low cost family homes in Kent (Picture: Steve Mallaby)
You don’t have to spend a fortune to get a family home, as demonstrated by Barratt Homes’ Richmond Park development in Whitfield, Dover.
With prices starting from £335,995 for a three-bedroom house with private garden, the development is conveniently located within walking distance to a grocery shop and Ofsted good-rated Whitfield Aspen primary school. A GP surgery, post office, supermarkets and retail parks are only a short drive away.
Brunel Street Works, Royal Docks
Outdoorsy living in east London (Picture: L&Q)
Located close to the Royal Docks and near two rivers, L&Q’s development is ideal for outdoorsy types. Dock Beach is a short walk away and perfect for a day relaxing on the sand.
Paddleboarding lessons are available at the nearby quays and Bow Creek Ecology Park offers riverside views. Prices from £96,875 for a 25% share of a one-bed with balcony, worth £387,500.
NewHayes, Middlesex
Canalside living in up-and-coming Hayes (Picture: Fairview Homes)
It may not be the most glamorous place to live in west London, but Hayes is quickly proving itself as a great property investment area benefiting from the new Crossrail line, plenty of green space and the Grand Union Canal running through its centre.
Fairview Homes’ NewHayes development consists of studio, one, two and three-bedroom apartments and duplexes, with a private balcony or terrace, with 20 Help to Buy apartments available and prices from £290,000 for a one-bedroom property.
Lampton Parkside, Hounslow
Now’s the time to snap up a flat in Hounslow (Picture: visualbank.co.uk)
With the western side of the capital undergoing extensive regeneration, now’s the time to invest in Hounslow.
As well as being well connected, with fast access to the M3 and M4 and Piccadilly line services running to Heathrow and central London, it also benefits from being surrounded by lots of green space.
Lampton Parkside development, a joint venture between Hill & Notting Hill Genesis, is offering one, two and three-bedroom apartments, duplexes and houses all designed around communal courtyard gardens, with selected properties enjoying sweeping views across Lampton Park.
Prices start from £327,500 with selected homes available with London Help to Buy until October 31.
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