Why Leyton is the New First-Time Buyer Hotspot
The rising star of East London, Leyton has experienced a recent growth spurt when it comes to property interest. Soaking up the overflow of those prices out of Inner London, the area remains relatively affordable, meaning more and more first-time buyers are now finding themselves calling Leyton home.
A predominantly residential area, Leyton has established a supreme popularity with first-time buyers and commuters, thanks to it being home to one of the fastest in-and-out of Central London routes via the Central line. The recently re-opened Lea Bridge station also sits comfortably local to residents of Leyton, offering journeys using Greater Anglia services.
One of the main beneficiaries of the London 2012 Summer Olympics — following more than £2.5 million worth of investment — this conveniently located district has seen significant regeneration in recent years. Neighbouring Stratford was the epicenter of the successful Olympics Games but, with a surplus of visitors from across the globe, Leyton naturally did very well out of the 16 day sporting event. The remnants still stand across East London which make for some wonderful family outings. The iconic looping structure of the ArcelorMittal Orbit is a must-visit and is located within the enthralling Queen Elizabeth Olympic Park.
Marking the Queen’s Diamond Jubilee, residents of this flourishing district benefit from having the glorious Leyton Jubilee Park on their doorstep, which offers bundles of green, open space away from the hustle and bustle. Host to various amenities including football, rugby and cricket pitches, Hackney Marshes is another great spot for a day out. A stone’s throw from Leyton, this beautiful expanse is well-maintained and ideal for a pleasant walk or picnic.
Places to go
Due to the current circumstances, some of the sites mentioned below may be temporarily closed or have restricted opening hours.
An ever-increasing assortment of bars, eateries and shopping hotspots can be found in Leyton and its bordering areas. Westfield Stratford City boasts over 200 retail stores and more than 80 restaurants, just a nine minute drive from Leyton.
For foodies, nearby Marmelo Kitchen serves sustainable-yet-affordable dishes, offering a delicious Sunday lunch as well as a variety of delectable small plates. Grab a seat outside and enjoy some people-watching whilst sipping a cold beer. Another popular choice for locals is The Leyton Star, offering a fantastic selection of cask ales, lagers and wines. A terrace, cocktail master classes, and a range of events including a weekly quiz make this a terrific regular haunt for locals of Leyton.
Home to some excellent schools, Leyton offers young families a great choice of institutions for primary, secondary and college education. Newport Primary School, which is an Ofsted-rated ‘Outstanding’ school, has an intake of mixed gender pupils from a variety of cultural backgrounds. George Mitchell School is a popular all-through school within the community, educating local children and preparing them for the outside world.
Galliard’s latest project, Church Road, offers a mix of highly-specified one, two and three bedroom apartments accompanied by two superb three bedroom townhouses. An excellent choice for first-time buyers, all apartments boast private outdoor space in the form of either a balcony or terrace. The townhouses benefit from both a private garden and a terrace, meaning all residents of this exciting new development can enjoy the outdoors as much as the indoors. Stylish décor and modern conveniences are present throughout all properties, ensuring residents are well-equipped for 21st living.
Ideal for commuters and young families, the development is situated just a 15 minute walk from Lea Bridge station for direct links into Stratford. Providing excellent value in an emerging location, Leyton is the gem of East London which is reflected in its recent popularity.
The Help to Buy scheme, along with the more recent changes to Stamp Duty and a variety of incentives including a service charge holiday offered by Galliard Homes, means that purchasing property in Leyton is now even more reachable for budding young buyers than ever before.*
Help to Buy
Lending a helping hand to those struggling to find the means for a deposit, the Government introduced the Help to Buy Equity Loan in 2013. Proving immensely popular and somewhat responsible for the revival of some previously overlooked locations, Help to Buy has been a saving grace to first-time buyers, with over a quarter of a million property sales completed using the scheme to date. With the Government contributing up to 20% of the property value (or up to 40% within London), buyers only need to save up for a 5% deposit to secure a property.*
The announcement of an extension to the scheme in July 2020 amid the coronavirus crisis has seen the deadline for the scheme now move to 28th February 2021, helping an additional several thousand hopeful home-owners leap onto the ladder. The legal completion deadline of the sale will however remain the same at 31st March 2021.*
Stamp Duty Holiday
A temporary Stamp Duty Holiday was introduced by Chancellor Rishi Sunak in July 2020 to help boost the flailing economy. Originally introduced in the 17th century on a variety of legal documents, today Stamp Duty Land Tax (SDLT) is payable on land transactions across England and Northern Ireland. Applicable to both freehold and leasehold properties, Stamp Duty is calculated on the property purchase price, with the rate varying dependent on the type of buyer and property value.
The Stamp Duty Holiday is set to provide a lifeline to those purchasers who would previously have held off from moving due to the overall costs amassed. With the threshold increased to £500,000, anyone completing on their main residence costing up to that figure will now not be liable to pay any Stamp Duty, meaning that the money saved can be spent elsewhere on legal fees, moving costs, furniture, and so forth.* The terms of the holiday are dependent on the type of purchaser that you are, with second home buyers not benefitting in quite the same way, however, overall the Stamp Duty Holiday will have a fundamental impact on buyers that are eager to make the jump in a more cost effective way.