Strike a deal and move in by Christmas: Stamp duty savings and price reductions among incentives being offered to London new-build buyers

Act fast and you could be hosting the festivities in your new-build home. We find stamp duty discounts, price reductions and cashback deals on offer at move-in ready schemes across London. 
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Ginetta Vedrickas15 November 2017

Time is running out for house hunters hoping to move by Christmas. However, we have searched London for homes that are move-in ready, so if you have your mortage in place and your solicitor at the ready, you could be celebrating the festive season in your new home.

New-build purchases should be more straightforward than resales, where the uncertainty of chains and potential gazumping can mean soaring stress levels and a high pull-out rate. Of course, new schemes can be delayed — but in a slow market, London has plenty of developments ready to move into now, and developers are offering money-saving incentives along with fast conveyancing.

Research by estate agents Strutt & Parker found resale property typically takes over two months from going on the market to coming under offer. “Because new homes are chain free and the developer’s solicitor is on standby with the whole package, there should be a speedy turnaround,” says Strutt & Parker’s James Mackenzie.

CANNING TOWN: ZONE 3

£120,625: for 25 per cent of a two-bedroom duplex at East City Point in Canning Town, with a £500 cashback deal

Flats at East City Point in Canning Town are ready now with a fast legal turnaround, says housebuilder Clarion Housing Group, with shared ownership at the scheme. “We aim for completions within 28 days of the memorandum of sale being issued, so people can be in before Christmas,” says Clarion’s Simon Mundell.

A memorandum of sale summarises purchase details including the legally binding “exchange of contracts” date. Clarion is offering buyers of two-bedroom duplexes £500 “cashback”. A five per cent deposit of £6,032 is required for a 25 per cent share starting at £120,625, in a home with a full market value of £482,500. Along with the mortgage, buyers pay £829.30 in monthly rent plus service charge of £139 and £300 annual ground rent.

These homes, with one double bedroom and a single bedroom, measure 871sq ft, and some include parking space and a terrace. Within walking distance of Canning Town Tube and Docklands Light Railway, access into the City, Canary Wharf and Stratford is easy, while Crossrail opening at nearby Custom House next year will create a direct link to the West End. “With our energy-efficient designs, fuel bills will be low,” adds Mundell of Clarion. Call 020 7539 3745.

From £1,495,000: Futurehomes townhouses at Elephant Park, SE1 — get stamp duty paid and a five per cent price discount

Lendlease is offering to pay stamp duty on its three- and four-bedroom Futurehomes at Elephant Park in SE1, which are ready now for buyers who want to move quickly. Reserve this month, move in by Christmas and save five per cent of the purchase price, says the developer’s Richard Cook.

It’s just a five-minute walk to Elephant & Castle station, connecting to the Northern line and National Rail services, and the Cycle Superhighway passes the development. The Victorian-style townhouses are designed to mirror those in neighbouring Larcom Street conservation area, and the three-bedroom homes offer 1,174sq ft plus front and back gardens and first-floor balconies. Priced from £1,495,000, service charges start from £2.90 per square foot. Call 020 3675 9955.

DALSTON: ZONE 2

Connectivity is key for house hunters. New scheme FiftySevenEast in Dalston is within a five-minute walk of Dalston Kingsland and Dalston Junction stations, for Tube, National Rail, the Overground and buses, appealing to the growing numbers of tech and creative industries flocking to east London.

Prices from £750,000: for a two-bedroom flat at new scheme FiftySevenEast in Dalston

The 15-storey tower containing 83 flats is finished, enabling buyers to move in now, with time to enjoy the festivities under way at Broadway Market in nearby London Fields. Kingsland High Street is a shopping hub with 200 outlets selling everything from fashion to food.

A two-bedroom flat with 746sq ft of space starts from £750,000 plus service charge of £3.50 per square foot. Call Taylor Wimpey on 020 3818 8886.

TOOTING: ZONE 3

Even if you’ve got a home to sell, you could still be in by Christmas — developer Bellway is offering part exchange at its St George’s Gate development in Tooting.

Four-bedroom townhouses are a spacious 1,306sq ft, with open-plan living areas large enough to host a traditional family Christmas.

From £695,000: houses at St George’s Gate, Tooting, with part exchange available on your old home

Tooting High Street is home to award-winning Tooting Market, with its brunch spots and cocktail bars, and Tooting Bec station is less than half a mile away with services into Waterloo, Charing Cross, Bank and Old Street.

Two-bedroom houses start from £695,000 and four-bedroom freehold houses are priced from £945,000, plus annual management fees from £565. Call 0333 577 5878.

GET YOUR HAGGLING HEAD ON, THEY’RE TAKING OFFERS

Sara Ransom of Stacks Property Search says developers are happy to negotiate. She has seen 30 per cent discounts, and says that where prices have seemed inflated, such as at Nine Elms, developers looking at a bleak sales period are taking a reality check. Buyers don’t like interest rate rises, even small ones, so they’ll be looking for savings and better deals. Ransom advises “making a punchy offer now”.

£720,000 and £735,000: get half the stamp duty paid on the last two flats at Riverside TW8, Chiswick

Deals on the last few remaining flats in a development are common. Notting Hill Housing is offering 50 per cent off stamp duty on the two left for sale at Riverside TW8, a waterside development just off Kew Bridge near bustling Chiswick High Road and a short bus ride away from Westfield London shops. With views across the Thames, two-double bedroom flats cover 914sq ft.

Chiswick’s markets, cafés and artisan shops are in walking distance. Nearby Kew Bridge station has direct trains to London Waterloo in under 30 minutes or take the District line from Gunnersbury Tube, a 15-minute walk away. Priced £720,000 and £735,000 plus £2.86 per sq ft service charge. Call 020 3797 4346.

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