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Stamp duty change makes instant impact, say south east London estate agents

The change to the stamp duty system - which has made 98% of property purchases cheaper due to a lower tax bill - has already had an impact on the London property market. Winkworth - as estate agents in south east London - was preparing itself for the traditionally quiet period before and just after Christmas in 2014 but instead, our staff were met with a frenzy of buyers looking to make the most of the overnight reform. The stamp duty change, which formed part of the Chancellor's Autumn Statement on 3rd December, and meant buyers of an average property for sale in Greater London, priced at £540,690, received a tax bill £4,593.10 lighter. That represents a saving equivalent to 2% of an average deposit of £192,837. The rise in buying activity was also confirmed by the Mortgage Advice Bureau, who reported that mortgage applications were unseasonably buoyant in December - up 26% on year-on-year activity. Its Head of Lending, Brian Murphy, commented that a 'steady stream' of new products for those with smaller deposits and a greater ease among lenders working within the Mortgage Market Review would help the property market during 2015. South east London is getting a great deal of attention from the capital's home buyers, especially after 12 months of giddy price rises that have seen many people priced out of the east and south west London property market. While there were property price rises in south east London during 2014 (13% up on 2013's prices, according to Rightmove data), the base level at which prices have risen is far more affordable than neighbouring capital counterparts. There are all sorts of properties for sale in south east London, with neighbourhoods as diverse as the bricks and mortar. Some of Winkworth's area highlights include:- New Cross and Deptford - demand is mounting for the period properties that offer a sense of style and a short public transport journey into central London. What's more, there is a growing group of buyers happy to settle and stay in the area - with a thriving arts scene creating enough of a dynamic and job opportunities to live and work in the area. Woolwich, Charlton and Plumstead - improved transport connections, regeneration programmes and keen prices are drawing home buying crowds from across the water in Canary Wharf. The newly-introduced DLR station and the arrival of Crossrail in 2018 are combining with some fairly flash new build developments and the sensitive conversion of the Royal Arsenal's final heritage buildings into apartments in Woolwich. Charlton and Plumstead both enjoy some magnificent Victorian housing stock and access to green open spaces. Blackheath and Greenwich - some homeowners are realising the new value of their property and are selling up. Buyers buoyed by bigger budgets, stamp duty savings and favourable lending conditions are sparking a 'trading up' trend, with sights set on property in the newest Royal Borough. If you are interested in the south east London property market or have a property to sell or let in the area, contact Winkworth today.

The change to the stamp duty system - which has made 98% of property purchases cheaper due to a lower tax bill - has already had an impact on the London property market. Winkworth - as estate agents in south east London - was preparing itself for the traditionally quiet period before and just after Christmas in 2014 but instead, our staff were met with a frenzy of buyers looking to make the most of the overnight reform.

The stamp duty change, which formed part of the Chancellor's Autumn Statement on 3rd December, and meant buyers of an average property for sale in Greater London, priced at £540,690, received a tax bill £4,593.10 lighter. That represents a saving equivalent to 2% of an average deposit of £192,837.

The rise in buying activity was also confirmed by the Mortgage Advice Bureau, who reported that mortgage applications were unseasonably buoyant in December - up 26% on year-on-year activity. Its Head of Lending, Brian Murphy, commented that a 'steady stream' of new products for those with smaller deposits and a greater ease among lenders working within the Mortgage Market Review would help the property market during 2015.

South east London is getting a great deal of attention from the capital's home buyers, especially after 12 months of giddy price rises that have seen many people priced out of the east and south west London property market. While there were property price rises in south east London during 2014 (13% up on 2013's prices, according to Rightmove data), the base level at which prices have risen is far more affordable than neighbouring capital counterparts.

There are all sorts of properties for sale in south east London, with neighbourhoods as diverse as the bricks and mortar. Some of Winkworth's area highlights include:-

New Cross and Deptford - demand is mounting for the period properties that offer a sense of style and a short public transport journey into central London. What's more, there is a growing group of buyers happy to settle and stay in the area - with a thriving arts scene creating enough of a dynamic and job opportunities to live and work in the area.

Woolwich, Charlton and Plumstead - improved transport connections, regeneration programmes and keen prices are drawing home buying crowds from across the water in Canary Wharf. The newly-introduced DLR station and the arrival of Crossrail in 2018 are combining with some fairly flash new build developments and the sensitive conversion of the Royal Arsenal's final heritage buildings into apartments in Woolwich. Charlton and Plumstead both enjoy some magnificent Victorian housing stock and access to green open spaces.

Blackheath and Greenwich - some homeowners are realising the new value of their property and are selling up. Buyers buoyed by bigger budgets, stamp duty savings and favourable lending conditions are sparking a 'trading up' trend, with sights set on property in the newest Royal Borough.

If you are interested in the south east London property market or have a property to sell or let in the area, contact Winkworth today.

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