This month’s Budget will lead to a spike in demand for new homes in the coming weeks, according to regional housebuilder Piper Homes, with cost-savvy househunters looking to take advantage of the Stamp Duty extension.
Due to end on 31st March, the up-to-£500,000 ‘nil-rate band’ on Stamp Duty has been extended until the end of June, meaning homeowners now have 16 weeks to complete on their dream home.
From 1st July, Stamp Duty will be payable on all homes priced over £250,000 until the end of September, with pre-Covid Stamp Duty thresholds to resume from the 1st October.
Dave Bradley, Managing Director at Piper Homes, said: “Yesterday’s announcement that the Stamp Duty exemption will be extended until the end of June will come as a welcome relief to many purchasers already in the process of buying their new home. Due to the sheer volume of sales over the past few months, completions are taking longer than typically expected and it would have been a real shame for purchasers to miss out on the potential savings due to factors outside of their control.
“The extension also opens up a new window of opportunity for anyone hoping to purchase a home this year. Potential buyers now have a 16-week window in which to find a new home and complete before the current Stamp Duty savings come to an end. From that point, purchasers will still be able to save thanks to the introduction of the stepped thresholds between July and September.
“Where we have homes ready to move into, including our Bredon Gate development in Ashton-under-Hill and Christine Way in Powick, we’re expecting the Chancellor’s announcement to spark a flurry of interest from cost-savvy househunters looking to take advantage of the savings whilst they can.”
Prior to the exemption, purchasers were required to pay £15,000 in Stamp Duty on a property priced at £500,000. The tax relief, which was introduced to help combat the effects of Covid-19 on the housing market, has been widely celebrated as a key reason why the industry has remained strong despite the pandemic.
Househunters will be able to take advantage of the Stamp Duty extension at a number of Piper Homes’ developments including Bredon Gate in Ashton-under-Hill near Evesham, Christine Way in Powick and Heath Meadows in Fernhill Heath; both of which are located within a few miles from Worcester. The housebuilder is known for delivering high quality homes in beautiful, rural, village locations.
Piper Homes is currently operating private viewings at all its developments located across the Midlands. For more information or to book an appointment visit piperhomes.co.uk.