The 19 London areas where you can now buy an average house with a £20,000 deposit

The 19 London areas where you can now buy an average house with a £20,000 deposit

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state agents, property sites and mortgage brokers have seen a spike in web traffic and enquiries after the Chancellor outlined plans to help more people get on the housing ladder.

Users flocked to view homes online after Chancellor Rishi Sunak yesterday said a suspension of stamp duty on property sales of up to £500,000, that had been set to run until the end of March, will be extended to June 30.

A new mortgage guarantee scheme to help buyers with a 5% deposit get on the property ladder was also launched.

Lenders who provide mortgages to buyers who can only afford a 5% deposit, will benefit from a government guarantee on those mortgages.

FTSE 100 firm Rightmove, which has compiled a list of areas where the average 5% deposit in London will be under £20,000 (see further down below said visits to its site surpassed nine million in one day for the first time yesterday.

Online mortgage broker Habito’s finance chief Martijn van der Heijden, said the moves “could super-charge the demand for property across the UK”.

 He added: “We could see April-June breaking records. We also expect April to be strong due to the material easing of social restrictions leading to more confidence and activity.”

Robert McLaughlin, sales director at KFH, said the estate agency chain had its busiest day of website traffic this year yesterday. He said: “We are also seeing an increase in vendor confidence, with a 35% rise in valuation requests this week.”

Aidan Sutton, a tax partner at PwC, said the combination of the Chancellor’s new measures shoul help “supercharge the  London property market as we exit lockdown – particularly the hop onto the bottom rungs of the ladder”.

Rightmove has compiled a list of areas where the average 5% deposit in London will be under £20,000:

Location

Average asking price

5% deposit

Dagenham

£318,592

£15,930

Thamesmead

£321,378

£16,069

Erith

£325,715

£16,286

Barking

£334,837

£16,742

Edmonton

£352,619

£17,631

Harold Wood

£354,370

£17,718

Rainham

£358,132

£17,907

South Norwood

£358,943

£17,947

Feltham

£363,352

£18,168

Chadwell Heath

£366,438

£18,322

East Bedfont

£378,511

£18,926

Northolt

£381,956

£19,098

Woolwich

£384,743

£19,237

Thornton Heath

£385,525

£19,276

Romford

£390,695

£19,535

West Drayton

£394,426

£19,721

East Ham

£397,094

£19,855

Hayes

£397,210

£19,861

Mitcham

£397,937

£19,897