Stamp Duty changes, Help to Buy, Starter Homes, there’s certainly a lot of activity in the housebuilding industry at the moment.
Commenting on the market and reflecting on 2015, Nigel Palmer, managing director for Linden Homes South West, said:
“2015 has been a fantastic year: Linden Homes welcomed the Prime Minister to Kings Gate in Kingsteignton, when a new Housing and Planning Bill was announced in October, and the company hosted the Colour Road Rush with Galliford Try, raising over £50,000 for South Devon charity, Rowcroft Hospice. We were delighted to win a number of awards, including Best Large Residential Development for Home @ Heartlands in Redruth at the Michelmores Property Awards 2015 and the development was also Highly Commended in the national What House Awards 2015 for Best Brownfield Development.”
“2016 is looking even busier. There are some exciting new developments that will be unveiled this year and we’ve just launched the energy efficient Tithe Barn development in Exeter, which is being built to level four of the Code for Sustainable Homes. Linden Homes is also part of the Sherford consortium that will create a new country market town nestled between Plymouth and the South Hams.”
Announced in the Autumn Statement 2015, new buy-to-let Stamp Duty rates will apply from April 2016 meaning property investors in England and Wales will now have to pay an additional three per cent surcharge on each Stamp Duty band.
For example, on properties worth between £125,000 and £250,000, where two per cent Stamp Duty normally applies, buy-to-let landlords will now pay a total of five per cent. For the average buy-to-let or second home purchase of £184,000, that means an additional £5,520 will be payable in Stamp Duty from April 2016.
Nigel said: “There is a limited amount of time for homebuyers to save on Stamp Duty so we’re encouraging people to visit our developments to discover how we can help them maximise their investment, especially if they’ve got a lump sum pension or money sitting in a savings account.”
Robert Flood from Bristol bought a buy-to-let property at Linden Homes’ Emerge development in Devonport. Speaking about the new Stamp Duty rates, Robert commented: “I’m relieved that I bought when I did and would recommend anyone considering investing in property to move now to make the most of their money. If I bought the two bedroom home in April 2016, I would have to spend an additional £3,999.50 in Stamp Duty tax! I’m delighted with our new home as it means we have a nice nest egg for when we retire, so it’s been a very sensible investment.”
Help to Buy
Nigel added: “Homebuyers are also taking advantage of current initiatives designed to help them move like Part Exchange and the Government’s Help to Buy scheme. There’s a misconception that Help to Buy is only available to first time buyers but existing homeowners are able to use the scheme too and it’s been a challenge to get that message out.”
The year to move
Nigel concluded: “There will be some great opportunities for homebuyers in 2016 and it’s certainly going to be an exciting and busy year for Linden Homes in the South West region.”
The company is currently building homes in Exeter, Okehampton, Goodrington, Paignton, Kingsteignton, Totnes, Plymouth, Penryn, Truro, Camborne and Redruth.
Media can contact Emma Mackay on 01626 356666 or 07738312960 for more information, images and interviews with Linden Homes.
03 February 2016