Penfold Road, in Clacton-on-Sea, Essex, has an average house price of just £100,000 – and it could be a bargain for first time buyers. Especailly those set to be hit by a rise in stamp duty
With stamp duty costs set to return to pre-pandemic levels, people looking to buy in a seaside town could be in for a bargain. At present, first-time homebuyers can purchase properties up to £425,000 without incurring stamp duty charges.
However, from April 1, the stamp duty threshold will drop to £300,000. Given that houses on Penfold Road in Clacton, Essex, are typically £200,000 below the soon-to-be reinstated stamp duty cap, it could be an ideal spot for those wishing to dodge extra home-buying costs.
With a wealth of local amenities, this street seems like a real bargain, reports Essex Live. Penfold Road is just a stone’s throw away from Clacton Pier and has homes selling for as little as £100,000.
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According to Rightmove, the dip in house prices happened over the course of the last year. Since 2024, the average house price on Penfold Road has taken a nosedive, as prices dropped by a massive 44%.
As stamp duty costs are on the brink of reverting back to pre-covid figures, the street could be a catch for those looking to keep costs down.
Currently, first time homebuyers have a bracket of up to £425,000 to play with before incurring stamp duty costs.
After April 1, stamp duty adjustments will see new homebuyers capped at £300,000, before paying stamp duty.
As houses on Penfold Road are on average £200,000 lower than the stamp duty cap about to be reinstated, the street could be an ideal location for those looking to avoid the additional costs of buying a home.
With plenty of amenities nearby, the road appears to be a steal.
