instagram envelope_alt facebook twitter search youtube_play whatsapp remove external_link loop2 arrow-down2

Property: Stamp duty relief is great news for London’s second steppers

BUYING a first or subsequent home is now more affordable, as until March 31, 2021, there’s no stamp duty to pay on homes under £500,000 or on the first £500,000 of properties over this threshold. The stamp duty holiday is particularly welcome to second steppers, who unlike first-time buyers, hadn’t previously benefited from any tax relief. It will be especially appreciated in London, where, according to Land Registry figures, the average price paid by an existing owner-occupier is £546,525, compared with £282,247 across England as a whole. This gives rise to stamp duty of £2,326 — a hefty £15,000 less than a week ago. Home movers with a five per cent deposit can also take advantage of the London Help to Buy scheme, which lends them 40 per cent of the price of a new-build costing up to £600,000 (20 per cent outside the capital) so they only need a 55 per cent mortgage. But don’t hang about if you’re keen to move up the ladder, as from next April, the scheme will only be available to first-time buyers.

The Rise, Alperton, HA0

Three-bed apartments from £540,000

Stamp duty: £2,000

Stamp duty saving: £15,000

This family-friendly scheme is close to the revitalised Grand Union Canal and Alperton station (main picture). There’s allocated parking and three years’ free car club membership for new buyers, therise.london

Regency Heights, Park Royal, NW10

Three-bed apartments from £610,000

Stamp duty: £5,500

Stamp duty saving: £15,000

Both Hanger Lane and Park Royal stations are a short walk from this development in the heart of the UK’s biggest regeneration scheme. Homes feature high-spec kitchens with granite worktops, en-suite bathrooms and big balconies, fairview.co.uk

New Avenue, Oakwood, N14

Two-bed apartment, £480,000

Stamp duty: Nil

Stamp duty saving: £14,000

Just one two-bed apartment with private outside space remains in the current phase of this popular scheme near Oakwood station. Both bedrooms are doubles and one has an adjoining en suite, and Help to Buy is available, countrysideproperties.com

The Pomeroy, New Cross, SE14

Three-bed apartments from £600,000

Stamp duty: £5,000

Stamp duty saving: £15,000

If you’re after a Zone 2 location with brilliant transport links, this development’s hard to beat as it’s very convenient for Queens Road Peckham and New Cross Gate stations. All homes have a contemporary open-plan layout and a private balcony, peabodysales.co.uk

Hazelwood Avenue, Morden, SM4

Four-bed house, £650,000

Stamp duty: £7,500

Stamp duty saving: £15,000

You get a lot of bricks and mortar for your money in this end-of terrace house, a short walk from Morden station. It’s arranged over three storeys and includes off-street parking, a landscaped garden and a useful first-floor study, dexters.co.uk

Beaufort Park, Colindale, NW9

Two-bed apartment £524,950

Stamp duty: £1,247

Stamp duty saving: £15,000

Only one good-sized two-bed, two-bath home is available at St George’s thriving community set in eight acres of landscaped parkland. It has an all-in-one kitchen/living/dining area opening out to a balcony and is close to Colindale station, berkeleygroup.co.uk

Stamp duty savings calculated for home movers (not first-time buyers)