Home buyers to Reap Benefits of Stamp Duty Scrapping.
Homebuyers looking to upsize in the North East are set to enjoy the rewards of the change in Stamp Duty rules following the recent Budget announcement. Welcome savings on a new home have been made possible as a result of the Budget, in which the Chancellor announced there will be no Stamp Duty to pay on properties up to the value of £500,000 on sales taking place before 31st March 2021.
With the high demand for new homes post-lockdown and a set time frame to take advantage of the break from Stamp Duty, now is a great time for property ladder progression.
Prior to the summer statement, first-time buyers were exempt from the land tax on properties up to £300,000 and, whilst still being able to benefit, it will be second steppers who will be most appreciative of the updated rules.
Bdaily news is reporting that local housebuilder Barratt Developments North East has welcomed the Stamp Duty cut and continues to encourage those in search of their first or family home to take advantage of these savings at its developments across the region, including nearby sites North Gosforth Park and City Edge. Fenton Hewitt, Sales Director at Barratt Developments North East, commented: “The Chancellor’s update recognised the central role that construction can play in a strong economic recovery.
The Stamp Duty cut will be welcomed by many of our customers and will give an immediate boost to the whole housing market, from first-time buyers to second steppers and beyond. Rightly, jobs were at the heart of the plans. It is vital that we keep hold of the skills in the construction industry as well as bringing in fresh talent, maintaining capacity will help us quickly get back to building the new homes and places the country needs.“
It’s estimated that the scrapping of Stamp Duty will benefit nine in ten homebuyers in England and Northern Ireland, saving £4,500 on the average purchase.
The savings made will assist homebuyers in securing a larger property, one which previously may have been out of reach, in order to provide more room for a family to grow or allowing house hunters to acquire a forever home.