Enfield Welcomes First-Time Buyers
We think Enfield has something for everyone, and at Atkinsons Residential, we are delighted to see Enfield rank well in a recent study of affordable places in the capital.
London’s most “affordable” postcodes for first-time buyers
The Stylist magazine and website listed Lower Edmonton, in the N9 postcode area as the 2nd most “affordable” postcode for first-time buyers in London. They state the average price of property in the areas stands at £324,420” and in their blurb, they state; “Situated in the London borough of Enfield, this area is currently being redeveloped with a £100 million project that will include new housing, a bus station, a clinic and refurbishment of the shopping centre.”
This is a good time for first-time buyers
One reason that this is seen as a good time for first-time buyers can be seen in more demand, and higher prices, for “mass market homes”. Information provided by Rightmove suggests mass market homes have risen in price but there has been a slowdown in the market at the upper-end:
Average price of property entering the market fell by 0.3% (a drop of £1,076)
There was a 0.8% drop in the upper-end of the market, usually properties of four or more bedrooms
Prices for newly listed two-bedroom properties rose by 0.6%, which equates to £1,328
Prices for three-to-four-bedroom properties rose by 0.3%, a rise of £975
Tim Bannister, Rightmove’s Director of Property Data said; “New sellers dropping their asking prices can ring economy alarm bells, especially when it’s the first time so far this year, so it’s important to dig underneath the headline figures. Firstly, we are in the holiday season which means that sellers have traditionally tempted distracted buyers with lower prices, though that might well be less applicable this year with many buyers having to stay a lot closer to home. Indeed, our analysis shows that average prices have only fallen in the upper-end sector, which is usually more affected by seasonal factors such as the summer holidays and has also seen the greatest withdrawal of stamp duty incentives.”
Tim Bannister also said; “The mass-market of properties that cater for first-time buyers and second-steppers is still seeing high demand and upwards price pressure leading to new record high average prices in those sectors. In England there remains a smaller stamp duty saving of up to £2,500, though the window to take advantage of this saving by buying now and completing by the end of September is pretty much closed.”
Will stamp duty tapering off affect the market?
Zoopla have carried out research as to whether the stamp duty tapering off period will affect the market, and their key takeaways are:
The amount of tax paid by people buying a new home has nearly doubled despite the tax relief brought in by the government due to Covid-19
Buyers paid a total of £2.06bn in stamp duty in the 3 months to the end of June - 90% more than in the same period of 2020
Only 37% of people buying a home paid stamp duty during the period, compared with 64% a year earlier, and yet the value of the tax collected almost doubled
Significant statistics of the end of the full stamp duty holiday period
In the three months to the end of June 2021, there was a 175% increase in property transactions
59,600 properties were purchased at a price of more than £50,000 in the three months to June 2021, which is significantly higher than the 13,000 bought at this price in the three months leading to June 2020
An additional £485 was spent by people who purchased buy-to-let property or a second home, with the 3% surcharge not being covered by the stamp duty holiday
A new surcharge of 2% was imposed (on 1st April) on overseas buyers purchasing a home in England or the North of Ireland, raising £19m
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.