Posted in: Latest News, 1st September, 2020

Buying a New Build 2020

The last few months have seen unusual circumstances, but you can still purchase your dream new build home, and now it comes with the added benefit of stamp duty holiday.

The last few months have seen unusual circumstances, but you can still purchase your dream new build home, and now it comes with the added benefit of stamp duty holiday.

At the beginning of 2020, the property market was seeing a boom, uncertainty was clearing, and people were ready to get back out onto the property market. However, with Covid-19 came unprecedented times, and growing concerns led to an estimated £82 billion worth of property transactions being paused.

Lockdown, however, did not stop the demand for new homes, the lid was simply put on it for two months while the country was locked down. The good news is that the property market has bounced back tremendously and with further help from the government due to the stamp duty changes, now is as good a time as ever to invest in a new home.

The stamp duty holiday means you could be saving hundreds or even thousands of pounds when purchasing, and this includes buying a new build in 2020. Stamp duty will not be charged on any properties up to the value of £500,000 until 31st March 2021.

This makes now a great time to buy as stamp duty can often be forgotten when budgeting for a purchase, which can really impact the choice of property. The holiday, combined with the Help to Buy Scheme, is fantastic for first-time buyers. There has never been such a good time to buy a new build home. Russell Homes has even extended the stamp duty holiday to all of its buyers, meaning there stamp duty holiday has been extended to all Russell Homes properties over the price of £500,000, giving more people the opportunity to buy a new build this year.

When it comes to buying a new build, even though the world looks different, the buying process in 2020 is very much the same. You’ll need to do your research, which we can help you with using our Buying a New Build Home Guide; you’ll need to pick your developer and development, ask the right questions, arrange your mortgage and reserve your property. After you’ve made the reservation, you can then refer to our guide on what happens after you reserve your new build.

It’s essential to stay safe while viewing homes which is why viewings will be socially distanced, and masks are mandatory. It’s also advisable to wear gloves and have antibacterial hand gel with you just to make sure. With all of the precautions Russell Homes and the government have put in place it is perfectly safe for you to view our show homes.

At Russell Homes, we’re here to help you find the right new build for you, and help make it your new home.