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Green door with gold details - Dedham - Beresfords Estate agents - Essex

Stamp Duty beaters for first time buyers

According to the Council of Mortgage Lenders, the number of mortgages approved to first-time buyers is up by 19% when compared to last year and 7% compared to June. With more properties coming onto the market and many vendors keen for a quick sale before the end of the year, now is an excellent time to become a first-time buyer. 

It is important to be aware of costs like stamp duty land tax and any fees such as those for the legal work. Enlisting the help of friends and family and perhaps hiring a van to move bigger items could also save money. 

Most importantly though, you need to thoroughly research your mortgage to make sure you get the best rate. There are really useful ‘Best Buy’ live mortgage tables on Beresfords website to give you an idea of repayments. However, the recent Mortgage Market Review (MMR) has meant that lenders now need much more information than before so independent mortgage advice is essential to not only getting the best mortgage rate but also to guide you through what can be a daunting process if you undertake it yourself.

Here is a selection of property across Essex which would make an ideal first step onto the property ladder - almost all of which are priced under the £125,001 which means no stamp duty land tax is payable.

This two bedroom apartment in the Dutch Quarter in Colchester is available chain free and has secure under-croft parking. This property is the ideal blank canvass for a first-time buyer to make their mark and add value.

It is also very close to the popular Castle Park, within commuting distance of the train station and close to the town centre, which is currently undergoing regeneration - all of these things should positively impact house prices over the coming years. The property is priced under the stamp duty threshold at £110,000, for further information contact our Colchester team on 01206 808791. 

Situated in a cul-de-sac within a mile of Braintree town centre, this one bedroom maisonette is just over an hour’s commute from London Liverpool Street station, making it ideal for city workers.   The property comprises a living/dining room, a modern kitchen, cloakroom and double ensuite bedroom. With a guide price of £115,000-£120,000 it falls under the stamp duty tax bracket and is ready to move into - for further details, or to book a viewing, contact our Braintree sales team on 01376 388699.

First time buyers are often looking to put their own touch on their first property, and this one bedroom property in Great Dunmow is ideal for DIY beginners. The top floor apartment is within walking distance of Great Dunmow High Street and at 396 square feet is good value at £104,950. It also benefits from allocated parking and a video entry phone system. For further information contact our Great Dunmow office on 01371 876868.

This studio in Romford is surprisingly spacious and benefits from a living room, separate sleeping area as well as a kitchen and bathroom. The property is situated within a mile and a half of both Romford and Chadwell Heath main line railway stations and also within walking distance of multiple bus routes. There is communal parking available and the surrounding garden area is landscaped. This studio is on the market for £125,000 chain free, under the stamp duty threshold, for further information or to arrange a viewing contact our Gidea Park team on 01708 874392.

For those looking for the best of both worlds this one bedroom flat in Writtle is ideal.  The property is situated in the heart of the picturesque village with lots of local amenities and quintessential village green.  In spite of the rural surroundings, Chelmsford train station is just two and a half miles away, where there are direct and regular trains to London Liverpool Street. Located on the first floor, the chain-free property has scope for redecoration, and comprises a living room with Juliette balcony, a kitchen, double bedroom and bathroom. Priced at £142,995 stamp duty costs of 1% are payable, however, its sought-after location and potential means it could be a fantastic investment. Contact our Writtle team for further information on telephone: 01245 807302.

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