A firm planning to launch 37 new homes in Blunsdon later this year has welcomed the new Stamp Duty rules.
Chancellor Rishi Sunak announced that the threshold below which duty will not be charged would increase from £125,000 to £500,000.
The move has won the praise of housebuilder Newland Homes.
A broad range of Newland Homes’ properties available for sale will now come under the stamp duty exemption, resulting in a possible saving of up to circa £15,000 for purchasers with immediate effect.
Sales manager Erica Povey believes that this is a crucial time for housebuilders.
She said: “The industry is a massive driver of the UK economy, creating and sustaining jobs and boosting investment in infrastructure and community facilities.
"At a time when our homes have become our sanctuaries, the Stamp Duty holiday gives people more money in their pockets to furnish their homes in style and comfort.”
According to research by the House Builders Federation, 55 percent of people polled post-lockdown value their home space more than ever.
The new Stamp Duty holiday comes to an end on the 31 March 2021, coinciding with changes to the eligibility criteria of the Government’s Help to Buy scheme. Under changes scheduled to be introduced from April 2021, Help to Buy equity loans will be available to first time buyers only.
In addition, regional price caps will be introduced to sales prices. For the South West the regional price cap will be £349,000.
Neil Alkins, Director of the Mortgage Bureau, which specialises in mortgages for new build properties, described the past few weeks as “ridiculously busy”, with enthusiasm to move only set to increase with the latest changes to Stamp Duty.
He said: “We are recruiting and increasing our workforce by 10 percent in order to keep pace with the demand. The stamp duty holiday and the revision of the Help to Buy criteria means this is a golden time for anyone looking to move.”
Newland Homes is offering tailor-made viewings by appointment at all of its nine development sites across the South West region, with COVID-19 protocols and procedures in place.
Further information can be obtained by visiting www.newlandhomes.co.uk or calling 01452 623000.