London homes now stamp duty free for first-time buyers
(Picture: ES)First-time buyers no longer pay stamp duty on the first £425,000 of a home, when the total purchase price is £625,000 or less, as part of sweeping tax reforms announced in Chancellor Kwasi Kwarteng’s Growth Plan last week.
The changes are permanent and effective from September 23, meaning that anyone who found themselves completing their purchase on the day of the announcement saved up to £11,250 if buying a home at the top end of the new first-time buyer cap.
For home movers who don’t hold first-time buyer status, the threshold at which stamp duty becomes payable was also raised from £125,000 to £250,000, reducing the tax bill to £8,750 — a saving of £2,500 — for a £625,000 home.
In London, where the average property asking price is now £682,499, homes priced under the old ‘stamp duty-free’ £300,000 threshold for first-time buyers were difficult to come by.
We’ve scoured the market for 10 of the best London properties for sale now, all priced under £425,000 — so newly stamp duty-free for first-time buyers.
Chiswick, W4
£420,000
One-bedroom flat in a smart mansion block with communal gardens and a concierge. Less than ten minutes’ walk to the Thames.
Savills, 020 8987 5550
Whitechapel, E1
£385,000
Two-bedroom flat in an Art Deco block with solid oak flooring throughout. One stop to Liverpool Street and Canary Wharf on the Elizabeth Line.
The Modern House, 020 3795 5920
East Croydon, CR0
£240,000
One-bedroom flat in a new development with resident’s lounge, co-working space and three landscaped roof gardens.
Pocket Living, 020 7291 3680
Brixton, SW2
£425,000
Characterful one-bedroom flat with exposed brick walls and sliding door. Brockwell Park, with its ponds and lido, is five minutes away.
Keating Estates, 020 7095 5777
Crystal Palace, SE19
£399,995
One-bedroom house with allocated parking on a leafy street close to the Crystal Palace Triangle. Folding doors open onto a generous patio.
Martin & Co, 020 8771 9990
East Sheen, SW14
£425,000
Top floor flat in an attractive 1930s block with two bedrooms. Mortlake Station is close by, as are several Outstanding-rated schools.
Chestertons, 020 8104 0580
South Woodford, E18
£425,000
Bright, semi-detached modern mews home with two bedrooms and an upside-down layout. Moments to South Woodford tube station.
The Stow Brothers. 0203 369 1818
Angel, N1
£425,000
Airy one-bedroom flat within a Georgian townhouse, with high ceilings, full-height windows and easy proximity to Angel and Upper Street.
Hamptons, 020 3369 4378
Mornington Crescent
£395,000
One-bedroom top floor flat in a Victorian terrace with an L-shaped open living space, a short stroll from the tube and Regent’s Park.
McHugh and Co, 020 7485 0112
Lewisham, SE13
From £325,000
Spacious two-bedroom apartment in a mansion block, on the edge of Blackheath Common, with parquet floors throughout. Sold via auction.
Pattinson Auction, 020 7867 3382
