First time buyers will be celebrating after the Chancellor has scrapped stamp duty taxes for first timers on properties up to the value of £300,000 in the Autumn Budget.
Those buying properties up to the value of £500,000 will also benefit from the tax break on the first £300,000 of their purchase. This will save those buying their first home thousands of pounds and means that 80 per cent of first time buyers will now not face any stamp duty charges at all.
Encouragement to first time buyers
Five star housebuilder Barratt Homes welcomes the stamp duty break and is encouraging local first time buyers to make the most of the tax break at its development in the south and south west.
Sales director Andrea Pilgrim comments: “This break from stamp duty will be music to the ears of many first time buyers who may be struggling to deal with some of the upfront costs of homeownership. By removing the stamp duty tax, aspirational homebuyers will now be able to put more savings into the actual cost of buying a home and allow them to make a move sooner rather than later.”
Barratt homebuyer will also be able to benefit from the Government’s popular Help to Buy scheme which is available on new build homes. Help to Buy is an equity loan scheme which allows homebuyers to purchase a new home up to the value of £600,000 with just a 5 per cent deposit. They can then gain access to more affordable interest rates typically associated with a 75 per cent loan to value mortgage.
Andrea adds: “The stamp duty break combined with continued availability of the Help to Buy equity loan scheme means that there has never been a better time to buy a brand new home.”
Developments with homes now under the stamp duty threshold for first time buyers
White Horse View in Westbury, two, three and four bedroom homes.
Park Farm in Thornbury, two and three bedroom homes
Blunsdon Mead, in Swindon, three bedroom homes
Saxon Gate in Leonard Stanley,three bedroom homes
Northwalls Grange in Taunton, three bedroom homes
Pinn Brook in Exeter, three bedroom homes
Saxon Fields in Cullompton, two and three bedroom homes
Hawthorn Rise, Newton Abbot. three bedroom homes
Lucerne Fields in Ivybridge, three bedroom homes
Redwood Heights in Plymouth, two and three bedroom homes
Monarchs Keep in Southampton, two bedroom homes
Hawthorn Meadows, Whippingham on the Isle of Wight, two and three bedroom homes
Bluebell Meadows, Newport on the Isle of Wight, two and three bedroom homes
St Mary’s Place, Bognor Regis, three bedroom homes