The Government introduced the stamp duty ‘holiday’ two years ago and it was confirmed by the Chancellor in his Autumn Statement that it will not be extended. Anyone looking to benefit from this tax break will need to legally complete on a property under the value of £250,000 by March 24.
After that date, stamp duty will be charged at a rate of one per cent on all properties between £125,000 and £250,000.
There have already been a significant number of first time buyers looking to make the most of the stamp duty holiday. According to the Council of Mortgage Lenders, the number of mortgages agreed for first time buyers increased at the end of 2011, with 18,700 home loans in December, which was a seven per cent rise from November and 14 per cent up on December 2010.
Mark Storey, director of Storey Homes said: “First time buyers looking to move this year should seriously consider moving now, as they could save up to £2,500 in stamp duty costs by buying a new apartment at The Limes before the end of March. This is a considerable saving and as you will be buying directly from us, there will be no complications to delay the purchase as long as you act quickly.”
To be eligible for FirstBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work.
An equity loan of up to 20 per cent of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 80 per cent, which can be done by arranging a market rate mortgage in addition to the five per cent deposit. The buyer can then purchase up to 100 per cent equity of the property in instalments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.
Prices at The Limes currently start at £199,950 for a two bedroom apartment. Through ‘FirstBuy’ properties are available from £159,960.
Contact the sales and marketing suite from 10am until 5pm from Thursday to Monday, on 0845 223 2448 or visit www.storey-homes.co.uk