Chancellor Rishi Sunak’s recent mini-budget announcement saw the introduction of a temporary stamp duty holiday for all homebuyers purchasing a property up to the value of £500,000, providing a much needed boost to the economy, and property industry. This has been welcome news for first time buyers looking to get on the property ladder as well as those looking to move up it, providing a lifeline for buyers struggling to buy due to coronavirus.
The new stamp duty threshold has been extended until 31st March 2021, and will provide a saving on properties up to £500,000. This saving will help homebuyers move more quickly than planned, helping them to put the money they would have spent on stamp duty towards their deposit instead. This is especially helpful for first time buyers, meaning they will potentially be able to save thousands of pounds.
Millwood Managing Director Nick Stonley comments of the announcement: “The chancellor’s announcement about a 9-month stamp duty holiday is great news for first time buyers looking to get on the property ladder, and those in the middle market. Providing a maximum saving on properties up to £15,000; a considerable help to buyers struggling due to the impact of coronavirus. It will provide a much-needed boost to the property market and the housing industry as a whole.”
At Millwood, we have a number of developments where buyers can take advantage of the stamp duty holiday. The Maltings, our newest Kent development in the quaint village of Biddenden, offers a number of properties priced between £400,000 and £500,000, including The Alder, a stylish three-bedroom end of terrace house and at Cherry Tree Lane, our exclusive Surrey development, many of the properties are within the stamp duty threshold. Help to Buy is also available on the two- and three-bedroom homes, adding a bonus financial lifeline to purchasers.
The Government-backed Help to Buy scheme is changing as well; from April 1st 2021 Help to Buy will only be available for first time buyers, with this in mind there has never been a better time to buy. If you would like to know more or to book a viewing appointment, please follow the link below to talk to a sales adviser.
For more information on our properties available to purchase now and to book a viewing appointment, please click here.