Homebuyers looking to upsize in Lincolnshire 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 high demand for new homes post-lockdown and a set timeframe 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.
Buyers can now stand to save up to £15,000 on their new home, based on a purchase price of £500,000.
Local housebuilders Barratt and David Wilson Homes have welcomed the Stamp Duty cut and continue to encourage those in search of their first or family home to take advantage of these savings at their developments across Lincolnshire.
Mark Cotes, Managing Director at Barratt Homes North Midlands, said: “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 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.
Barratt Homes North Midlands is currently building quality homes at a range of developments in Lincolnshire including Newton’s Place in Grantham and The Furlongs in Bourne, which are over 90% and 80% sold respectively, in addition to Manor Farm in North Hykeham which is also close to completion.
David Wilson Homes East Midlands also has just three properties remaining at Newton’s Place.
For further information about any nearby developments, call the Barratt Homes sales team on 033 3355 8472 or the David Wilson Homes sales team on 033 3355 8483 to book an appointment.