Home hunters given a boost with Stamp Duty holiday

Chancellor Rishi Sunak’s landmark announcement of a stamp duty holiday until the end of next March is a huge boost for home buyers that will help get people moving and save movers thousands of pounds.

The tax threshold for home purchases has been temporarily increased from £125,000 to £500,000, in a move that has been widely welcomed by home hunters and the housebuilding industry. It means buyers could take advantage now and save up to £15,000.

At Bovis Homes’ Potters Field in Ringmer, interested home buyers could benefit from savings of £13,149on‘TheSheringham’three-bedroom home with parking and French doors to thegarden. This home, situatedin a popular countryside village, offers the perfect opportunity for families looking forflexible, stylishliving. Priced from £462,995The Sheringham, along with other properties on the development,is also availablewith Help to Buy, allowing house hunters to buy with just a 5% deposit.

Darren Maddox, Divisional Managing Director at Bovis Homes South East (part of Vistry Group) said: “The announcement on the relief to stamp duty is hugely welcomed and the timing could not be better. The sector, like many across the economy, has faced significant challenges in the last few months and we believe this initiative will give customers the extra confidence needed to take the exciting step of owning a home or moving up the property ladder.

“We have seen that interest from potential buyers has been encouragingly strong and robust week-on-week since the lockdown started to ease, and we believe this move on stamp duty will go a long way towards reinvigorating the market.”

Regional Sales and Marketing Director, Ginny James, added: “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. When mixed with other initiatives such as Help to Buy enabling a move with a 5% deposit, now really is the time to start thinking about that extra indoor and outdoor space you may have been craving during lockdown.”

To find out more about making the most of the stamp duty holiday, visit www.bovishomes.co.uk or to book your one to one appointment with Bovis Homes at Potters Field, call 07484 029972.