A Stamp Duty holiday – which will save homebuyers up to £15,000 – is a major boost for home buyers and the housing market, says a Yorkshire developer.
Vistry Yorkshire, formerly Linden Homes East Yorkshire, has welcomed the move by Chancellor Rishi Sunak.
With new homes developments in East Ridings, South Yorkshire and North Yorkshire, the house builder says the move will provide valuable support for people looking to move up the property ladder following the Covid-19 pandemic.
And there are extra savings in addition to the Chancellor’s announcement on offer, with up to £40,000 reductions on selected plots across the region.
The Chancellor announced that stamp duty would be halted on the purchase of homes worth up to £500,000 until 31st March 2021.
Prior to the change, house buyers paid stamp duty on homes worth over £125,000, or over £300,000 if they were a first-time buyer. Anyone buying a property worth £500,000 would previously have paid £15,000 in stamp duty but will now avoid the tax altogether.
This could see the average stamp duty bill fall by £4,500, with nine of out 10 customers buying a main home paying no stamp duty at all.
Sales director at Vistry Yorkshire, Steve Woomble, said: “This stamp duty holiday is a welcome measure which will help to get the housing market moving in the right direction again following the lockdown.
“The announcement is great news for all house buyers, but especially for second-steppers, many of whom will now be able to move into a larger property which meets their needs without the added financial pressure of having to pay thousands of pounds in stamp duty.
“With the stamp duty holiday in place for the next nine months and the current Help to Buy Scheme now only available on homes which are completed by 31st December, the second half of this year really is an opportune moment for buyers to make the move to their dream home.”
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22 July 2020
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