Posted:3rd October, 2022

Stamp Duty changes to benefit our buyers

With the government slashing stamp duty, home hunters have been given a massive incentive to cash-in while they can.

New Build Home Stubley Meadows Littleborough Russell Homes

Purchasing a home is a long-term consideration and, if the chancellor’s gamble pays off, buyers could grab themselves a much needed saving now and be in a good position when the economic storm blows over.

So, what is on offer?

Well, along with its plan to let people keep more of what they earn by holding income tax in check, the Government has said that the Stamp Duty Land Tax threshold for those purchasing a residential property will be doubled from £125,000 to £250,000.

That means if the property is selling for less than £250,000, buyers will pay no Stamp Duty tax at all

The news is even better for first-time buyers.

To give them a foot on the housing ladder, the Chancellor has said they will pay no Stamp Duty up to £425,000 (previously that threshold was £300,000) and has increased the overall value of a property they can purchase while still benefitting from the relief, from £500,000 to £625,000.

So, to recap, for properties costing less than £250,000 there is no tax to pay by anyone purchasing it as their main residence. (There remains a surcharge for Buy-to-Let purchases.)

And for those homes costing between £250,001 and £925,00, buyers will pay just 5% stamp duty tax on the amount over £250,000. That is thousands of pounds less for you to save up before buying a new place of your own.

The Government reckons that doubling the nil-rate band will enable up to 29,000 more people to move home each year and will save up to £2,500 on the purchase of a home priced at the national average of £312,000.

Chancellor of the Exchequer, Kwasi Kwarteng, said: “Cuts to stamp duty will get the housing market moving and support first-time buyers to put down roots.”

So, what does this mean for you?

Well, if you’re interested in buying one of our two, three or four-bedroomed new build homes at our Stubley Meadows development in the market town of Littleborough, Rochdale, then there a huge savings to be made. You could save up to £2,999 thanks to the Stamp Duty cut or a whopping £6,429 if you are a fist time buyer.

At our Brook View development on the border of Wincham and Northwich in Cheshire, you could save up to £2,500, or £7,199 if you are a first-time buyer, of one of the three and four bedroomed homes now available. That is a hefty sum to have in your own pocket and put towards furnishing your dream home!

For more information or a quote on the exact saving you can expect for a particular plot, please contact our sales team on sales@russellhomes.co.uk

See homes available at Stubley Meadows here or call 01706 300 571.

See homes available at Brook View here or call 01606 516 511.

For more information about the new Stamp Duty rules click the link. Or here for the Government Fact Sheet.

SaltersfordGdns 17