A helping hand for first time buyers

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by Kay Murchie

In 1999, the average cost of a property in Britain was £96,000, however this figure has nearly doubled and today’s prices are at an average of £200,000. These figures mean that first time buyers are struggling to get onto the property ladder.

The limit at which stamp duty becomes payable at 1% was doubled from £60,000 of a property’s value to £120,000 in the 2005 Budget. It was increased again in 2006 to £125,000. In many parts of the UK, properties at this price are unattainable and as little as 3% of homebuyers in London avoid paying stamp duty.

Despite the average house being £200,000 in the UK, in the north of England homes requiring mordernisation are available for around £100,000 with Addisons estate agents – they are snapped up very quickly though.

Connells estate agent in Birmingham have 2-bedroom homes called The Brolly Works and prices start from £99,950, however half of the properties have been sold.

One bedroom homes are available at Finsbury Park London for £99,995. However, the properties are made of prefab concrete and a 35% deposit is required. In addition, a 1-bedroom flat is available in Tottenham for £99,995 but it’s on the 15th floor of a 17-storey tower block and it’s on the Broadwater Farm estate - best known for the riots in 1985.

In addition, a 2-bedrom maisonette can be bought for just £125,000 in Calne, Wiltshire. A 3-bedroom semi is also available for £125,000 in Eccles, Lancashire. In Chester, a 3-bedroom mid-terraced house is available for £122,500. Houses of a similar price range can be found in Cannock, Staffordshire, Crewe and Rye, near Hastings.