The hotspots where first time buyers don’t have to pay Stamp Duty
- 30th November 2021
- Buying Property News
Areas with affordable properties, excellent amenities and transport links
The Stamp Duty holiday may be over but there's no shortage of properties on the market below the Stamp Duty Land Tax (SDLT) threshold for first-time buyers to pounce on.
First-time buyers do not have to pay SDLT on properties valued at £300,000 and below. However, following the end of the Stamp Duty holiday last month, they will incur SDLT of 5% above the £300,000 threshold. Fortunately, even with prices increasing in the last twelve months, some areas in London still have plenty of properties below the SDLT threshold. We've put together a list of sought-after and up and coming London areas, with properties perfect for first-time buyers.
Canada Water is only a stones-throw away from popular Deptford Park, a 17 acre green space popular with families. The area is only a 15 minute commute into the City and is within walking distance to Greenland Dock, newly redeveloped and with several restaurants and cafes close-by. A modern one bed complex apartment based in Deptford is on the market for only £290,000.
Camberwell and The Oval are other attractive options. Oval Station provides easy access to the City, with commuting times of just 15 minutes. Nearby Camberwell provides no shortage of cultural options, with several art galleries and Blue Elephant Theatre in the area. Camberwell Green, a one acre park with shops, bars and restaurants located nearby, is a hotspot for young families or young professionals eager for fresh air. A one bed purpose built apartment is currently on the market for £300,000 with no chain.
Place-making Peckham is synonymous with culture, trendy bars and restaurants and is a base for young professionals after major investment. The area even has its own new reality series, Peckham’s Finest! Copeland Park and the Bussey Building, a giant warehouse, is considered one of the central assets of the area, a very in-demand place for people to socialise inside or outside or view performances and art exhibitions.
Also, what was once a multi-storey car park is now a buzzing hub for young people (Bold Tendencies), with a café, cinema and art festivals regularly scheduled there. A one bed complex apartment is on sale in the area for £275,000 with an open plan kitchen/reception area.
Bow is another option for any first-time buyer seeking value in the capital. Stratford’s popular shopping centre, Westfield, is within walking distance and the area is only minutes away from Canary Wharf, perfect for young people working in the financial district. Bow is also home to many pubs, some of which provide live music and large outdoor spaces. Before the staging of the Olympic Games in 2012 in nearby Stratford, Bow received a lot of investment to regenerate the area. Even so, prices remain affordable for young professionals. A one bed, purpose built apartment on Bromley High Street for example is on the market for only £285,000 and is chain free.
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Mergen J via Google Reviews:
A massive thank you goes to the Ludlowthompson team! It was really difficult finding a property in this hectic market but they made the process easy and swift for us. They are responsible, responsive and professional. Thank you, everyone!
Stefan K via Google Reviews:
Very positive impressions of Ludlowthompson; they were responsive and with a very professional attitude. The property we were shown was of a high standard. The estate agent's knowledge of the area and its price dynamics is unparalleled. I would recommend these estate agents for people looking to move to Canada Water.
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