Today’s announcement by the Chancellor Rishi Sunak offers a much-needed boost to the housing market.
Fairview New Homes welcomes the news from the Summer Statement that the Chancellor will cut stamp duty on transactions below £500,000.
This is effective immediately and the stamp duty holiday will remain in place until 31 March 2021. It means that 9 out of 10 people will not have to pay stamp duty when purchasing their home.
According to Zoopla, in London and the South East buyers can effectively save up to £14,999 overnight.
Chris Hood, Sales Director at Fairview New Homes commented, “Today’s announcement from the Chancellor is particularly welcome in London and the South East, where many buyers struggle to get onto the housing ladder.
“Since coming out of lockdown we have seen a cautious confidence in the market and our sales teams are dealing with an increasing number of enquires and reservations across our developments.”
With low interest rates and growing confidence, there has also been a sharp rise in searches for Help to Buy mortgages in London. This rising demand is evidence that the popularity of the scheme has not wavered and despite no extension being announced, buyers are as keen to utilise it post-lockdown as ever before.
Chris Hood continues, “Interest has remained high from first time buyers, second steppers and investors. During lockdown we completely sold out at two of our developments. We anticipate that this will continue in Feltham where we have recently launched a selection of 1,2, and 3 bedroom apartments at our Feltham355 development, and also at Queensbury Square in Queensbury and Discovery in Highams Park, where we are launching new show homes this month.”
For more information on how this may affect your purchase with Fairview New Homes, please speak to one of our sales advisors at your chosen development.