On Wednesday, the long-awaited Autumn Budget was delivered, with Philip Hammond announcing the government’s latest economic plans, and housing (or lack of) was a hot topic. Following reports that the number of young people owning a property has dropped from 59% to 38%, Hammond declared that the government would be axing stamp duty for properties under £300,000, and for those under £500,000 the levy will only be paid on the amount above the £300,000 threshold. This abolition only applies to those who are buying their first homes.
The government predicts that 95% of first-time buyers will benefit from these changes, which come into effect immediately. This is great news for those buying in London, who will be able to spend the money saved on home improvements or even on increasing their budget to secure their dream home!
So if you’re looking to purchase your first home in London, take a look at these five properties under £500,000.
Balls Pound Road, Dalston, N1 – £335,000
This stunning one-bedroom apartment is located moments from Dalston Junction station and is flooded with natural light throughout. Just three stops away from Shoreditch High Street on the Overground or a 20 minute bus ride, it is the perfect first home for anyone commuting to the City. Make sure you enjoy one of the many BYOB eateries on Dalston High Street on your way home!
Stamp duty = £1,750
Hartland Road, Queen’s Park, NW6 – £349,950
Benefitting from a secluded communal garden, this ground floor studio apartment is a great first purchase. Situated just off Salusbury Road, it is within easy reach of a plethora of bars, cafés and restaurants, as well as the wide open spaces of Queen’s Park itself.
Stamp duty = £2,498
Riggindale Road, Tooting, SW16 – £362,500
Offering over 480 sqft of living space, this beautifully presented one-bedroom flat has a spacious open-plan reception room/kitchen. South-west London is a hub for first-time buyers, boasting excellent nightlife, great transport links and enough brunch spots to satisfy even the most avid avocado lover!
Stamp duty = £3,125
Caedmon Road, Holloway, N7 – £440,000
Perfect for the die-hard Arsenal fans out there, this newly refurbished one-bedroom apartment is located moments from the Emirates Stadium and the gorgeous, plush interiors are instant cup winners! Not a football fan? Don’t worry, the fabulous array of shops, restaurants and bars at Highbury Barn are just a short distance away – an area renowned for its friendly atmosphere!
Stamp duty = £7,000
Tierney Road, Balham, SW2 – Offers in excess of £490,000
This exceptional two-bedroom apartment boasts over 700 sqft of living space and is finished with a Scandinavian-inspired, neutral design. With the increasing trend of friends investing in property together, this is the perfect home for sharers, benefiting from two equal-sized bedrooms – a rarity in the London property market!
So there we have it – five excellent properties that benefit from the revised stamp duty regulations. Whatever your requirements, there are plenty of properties on the market in London for under £500,000, so why not take a look? Now is the opportune time to make your first investment in London’s extraordinary property market.
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