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LAURUS LIFE | Lifestyle
Last July the Government announced a Stamp Duty holiday aimed at making it easier for people to buy homes in the midst of the financial issues caused by the Covid-19 pandemic. Initially this was due to run until the 31st March, but in his Budget speech, Rishi Sunak announced that it will now be extended until the end of June, and the nil rate band will be £250,000 - double its standard level - until the end of September.
This is fantastic news for homebuyers, particularly those who seemed set to miss out on the benefits if their sale had not been completed by the original deadline. It had been estimated that around 70,000 people would have been affected by this because of delays in the home buying processes caused by both lockdown restrictions and so many deals having to go through at the same time.
With potential savings of up to £15,000 in Stamp Duty available, this can be a life-changing opportunity for you to take two steps up the property ladder in one go, afford an extra bedroom or find your forever home much sooner than you expected.
We also welcome the additional announcement of a mortgage guarantee scheme that will encourage lenders to offer 95% mortgages from next month, making home ownership more accessible to those with a smaller deposit, because we believe that there should be a home for everyone.
Stamp Duty is much more significant than just an additional cost to be factored into a house purchase. It’s a tax that needs to be paid when buying property and while not everyone has to pay it, it can be a large sum of money that you need to find if you haven’t previously budgeted for it.
This can have a knock-on impact on what you can spend on furniture and other exciting things for your new home. Before last July, the Stamp Duty rates were as follows, with the amount due as a percentage of the property price:
First-time buyers of a home under £300,000 didn’t need to pay Stamp Duty, with purchases of homes under £500,000 only paying a tax of 5% on the amount over £300,000. First time homes of over £500,000 were charged at the standard Stamp Duty rates.
A major change from the previous Stamp Duty holiday is that when the end of June comes, there won’t be a sudden switch back to the normal rates. Instead there is a ‘tapered’ approach where the nil rate band will become £250,000 until the end of September. This is double its normal level, meaning that many homes will still qualify for another three months and mean that you could save up to £2,500.
With so many options now available to buyers, including Shared Ownership and the new 95% mortgages, and properties across our developments available to move in to by the summer, now would be a great time to take advantage of the extended Stamp Duty holiday and ways to finance your home purchase.
For current buyers, this news lifts the pressure to complete before the 31st March. However, if you are looking to sell your home before moving, you may still want to try our Move Easy assisted move scheme to get support with expediting that process to ensure you aren’t held up trying to make that sale.
The rewards of completing your home purchase before the new Stamp Duty Holiday deadlines are great, so why not read our tips for How to speed up the house moving process and get in touch with our Sales Advisors to see how we can help you take advantage before the new deadlines start to get closer?
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