House prices: Where you can save £13,000 on a property for sale right now

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According to Rightmove data these are the savings to be had on property across the country. The savings are due to stamp duty cuts.

Rishi Sunak proposed the stamp duty holiday, welcome news to those looking to buy a property.

The move has been made so as prop up the market, inspiring Britons to keep buying houses.

The savings will apply from 8 July 2020 until 31 March 2021.

It applies to both first homes and additional properties.

There will be zero stamp duty on properties up to up to £500,000.

Five percent will be charged on the next £425,000 (the portion from £500,001 to £925,000).

Ten percent will be charged on the next £575,000 (the portion from £925,001 to £1.5 million).

Buyers can expect to then pay 12 percent on the remaining amount.

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London savings are the largest, because savings are a proportion of the original price.

The largest savings are almost £14,893 in Orpington, where the average asking price is £497,852.

In Burnt Oak there is a potential saving of £14,892 and £14,673 in Chingford.

Where else are there big savings to be had?

Stamp duty cut savings across UK (outside of London)

  1. Dorking, Surrey £14,921
  2. Lymington, Hampshire £14,916
  3. Sunbury-On-Thames, Surrey £14,904
  4. Barton On Sea, New Milton £14,893
  5. Lewes, East Sussex £14,565
  6. Broxbourne, Hertfordshire £14,335
  7. Hove, East Sussex £14,073
  8. Oxford, Oxfordshire £13,955
  9. Leckhampton, Cheltenham £13,876
  10. Hertford, Hertfordshire £13,872

Additionally, house prices have dropped by 30 percent for key workers and first time buyers. 

Among first time buyers, key workers, such as nurses, police officers and teachers, will be given priority in a new scheme offering money off.

To qualify, potential buyers must have a household income of less than £80,000, or less than £90,000 in London.

First Homes will be capped at properties costing £250,000 in England and £420,000 in London.

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