Stamp Duty Holiday for First Time Buyers Ends Soon
First-time buyers should take advantage of the current stamp duty holiday and start house hunting before Christmas, according to leading South London estate agent, Wooster & Stock. The stamp duty tax break, which was introduced to assist first-time buyers last year, will end on March 25, 2012 and would-be homeowners who do not act now may miss the chance to save up to £2,500.
“There is only a small window left open for first-time buyers to take advantage of the stamp duty holiday,” says Becky Munday, Head of Sales, Wooster & Stock. "With the average property transaction taking about three months, buyers need to seriously consider starting the buying process prior to Christmas, if they are to complete by the March 25th deadline.
“Next spring might seem like a long way off, but it will come round very quickly.”
Stamp duty land tax is a tiered tax system that applies to most properties bought within the UK. Properties purchased for £125,000 to £250,000 are subject to a tax of one per cent of the purchase price, however until March 25 2012, first-time buyers will have this charge waived.
Becky adds: “Stamp duty is something many buyers struggle to cover when purchasing their first home.”
“It can not be built in to a mortgage and must be paid in cash, in addition to the deposit, so the ability to save up to an extra £2,500 is an opportunity most buyers can not afford to miss.”
Wooster & Stock is encouraging their first-time buyers to focus on south east London, citing the area’s value for money, good transport links and great facilities as factors to consider when searching this autumn.
Becky comments: “It is becoming increasingly difficult to find affordable homes in central London, so buyers are starting to look further afield. When many come across areas of South East London, like Camberwell, East Dulwich or Peckham, they often can not believe the comparative value for money on offer.
“For example, the average price of an apartment in Islington is currently £387,931 and £366,999 in Wandsworth, whereas spacious one and two bedroom apartments are available around Camberwell for under £250,000* and it takes the same time to travel into central London.**
“When you consider the money that would-be buyers could save by looking in South East London, in addition to the stamp duty tax break, it really is amazing.”
Wooster & Stock is currently selling a gorgeous one bedroom apartment in trendy Camberwell, a short walk from Denmark Hill station. The property, located in an attractive gated development, is spacious, well decorated and residents have access to well maintained communal grounds, whilst the beautiful Lucas Gardens are just across the road. It is also perfectly placed to enjoy the delights of SE5, with countless bars, restaurant, cafes and boutiques nearby. The Vestry Mews property is currently on the market for £185,000.
For more information on stamp duty land tax rates, please contact HMRC on http://www.hmrc.gov.uk/.
For examples of the properties Wooster & Stock has available in South East London, please visit www.woosterstock.co.uk or
call 020 7708 6700 for Camberwell | 020 7952 0590 for Brixton | 020 8613 0060 for Sydenham.
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* BBC: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/counties/html/county39.stm?se#table
** National Rail: Denmark Hill and Peckham Rye rail stations provide frequent services to London Victoria which take about 15 minutes (07.11.11) www.nationalrail.co.uk