In the UK, a buyer has to pay stamp duty land transaction tax on all properties that are above £125,000, whereas first-time buyers have to pay this tax on properties above £300,000. In July 2020, the Chancellor of the Exchequer announced the stamp duty holiday which was basically a temporary suspension of the stamp duty land transaction tax. The rate of tax was cut to zero per cent for properties that were valued under £500,000. We spoke to estate agents in Beckenham and the Orpington estate agents; according to these experts, here are the top nine hotspots in Britain that will definitely benefit the most from the stamp duty holiday.
1 Dorking, Surrey
Dorking is a small market town in South East England. Surrounded by the countryside, filled with green spaces and landscaped parks and known for its great schools, Dorking is a great place to live. On average, the price of a property in Dorking is around £498,422. Given that the stamp duty holiday means zero tax on properties under £500,000, potential buyers can easily save almost £15,000 if they buy real estate in this upcoming town.
2 Burnt Oak, Barnet
Burnt Oak is a suburb in Northwest London, England. A short train ride from London, Burnt Oak is a great place to buy an affordable and spacious property. This suburban district is ideal for young professionals, small families as well as first-time buyers who are looking for a place to call their home. Here, the average asking price for a property is approximately £497,839. So, potential buyers can easily save up to £14,900 if they decide to buy real estate in Burnt Oak.
3 Lymington, Hampshire
Lymington is a portside town that has been built along the Lymington River in Hampshire. Known for its uptown markets, sailing clubs and stunning beaches, this portside town has actually become rather popular among tourists. In Lymington, the average price of real estate is around £498,326, and thanks to the stamp duty holiday, buyers can save a whopping £149,000 on their purchase.
4 Broxbourne, Hertfordshire
Just a few miles away from central London, Broxbourne is perfect for young professionals and first-time buyers who are looking to buy real estate in the outskirts of London. Known for its spacious townhouses, spacious driveways and landscaped gardens, the real estate market in Broxbourne is thriving! Here, the average property price is £486,701, and potential buyers can easily save up to £14,300 thanks to stamp duty extension.
5 Sunbury-On-Thames, Surrey
As the name suggests, Sunbury-On-Thames is a small town located along the north banks of River Thames. More commonly known as Sunbury, this town is perfect for those looking to live a typical suburban life. Just a short train ride away from central London, and with excellent transport links, this town is pretty conveniently located! Here, the asking price for property is around £498,088, which means a buyer can save around £14,900 when buying real estate in Sunbury. If you own property in Sunbury, maybe it’s time to ask your local estate agent for a free house valuation.
6 Hove, East Sussex
A rather upmarket town, Hove in East Sussex is a relatively family-friendly city. With gorgeous houses, luxurious seaside resorts, a family-centric atmosphere as well as a never-ending pebble beach, Hove is a great place to raise your family. With the average asking price around £486,701, that too for prime properties in this area, a buyer can easily save up to £14,335 while buying real estate in the former fishing town of Hove.
7 Oxford, Oxfordshire
Who doesn’t know the famous town of Oxford? Home to one of the most prestigious universities in the whole world, Oxford is a city in southern England that has become rather popular among families and real estate investors. With a family-friendly atmosphere, a lively vibe, and a constant demand for rental properties, this city is every real estate investor’s paradise! With average asking prices at £479,099, real estate investors can easily save around £14,000 when they invest in Oxford’s real estate!
8 Tunbridge Wells, Kent
One of the poshest towns in the vicinity, Tunbridge Wells in Kent is a rather exclusive and upmarket place to live in. Known for its high-ranked private schools, polo clubs and the infamous High Street, Tunbridge Wells is an excellent place for families, young professionals, affluent retirees as well as newlyweds who are looking for a home to start their own family. With the average price of real estate being £467,145, potential buyers can save a whopping £13,300, that too on prime properties.
9 Fleet, Hampshire
Fleet is famous around the world as it is home to the North Hants Golf Club! Apart from this, Fleet has become very popular among upcoming technology businesses. A family-friendly place to live, with excellent schools, low crime rates and high quality of life, the average price for real estate in Fleet is £471,653. Thanks to the stamp duty holiday, buyers can save around £13,500 on their purchase.