Over a third of people in the South East have seen the stamp duty holiday as the perfect motivation to purchase a new property, according to research by a leading housebuilder.
Time is running out for interested buyers to move to their dream home before the March deadline.
According to research of 1,000 people carried out by Barratt Homes’ Southampton division, which has developments across Hampshire including St George’s Gate on the Island, 39% view the Government’s scrapping of stamp duty payments earlier this year as a large or very large incentive to purchase a brand-new property.
It is also younger buyers who are more attracted to this as an incentive compared to their older counterparts – 50% of under 34s were tempted to move, whereas only 19% of the over 50s saw the lack of Stamp Duty payments as a reason to up sticks.
It was announced in July’s Budget that there will be no Stamp Duty to pay on properties up to the value of £500,000 on sales taking place before 31st March 2021. It is this saving, that has already helped a great number of homebuyers in the region.
Barratt Homes has welcomed the payment cut and is encouraging all potential homebuyers in the area to make the most of the scheme before it comes to an end.
Tammy Bishop, Sales Director for Barratt Homes Southampton division, said:
“To take advantage of this great incentive, house purchases must complete by 31st March 2021. And, as 16 weeks is the average time it takes to complete on a house sale, now’s the time for interested buyers to act – and be in with a chance of saving thousands on the cost of their new home.
Article continues below this advertisement “With the research suggesting that younger buyers are finding this incentive much more appealing, we are urging anyone looking for their first home, to take advantage of these savings at Barratt Homes’ developments across the region.”
An unfair tax, and should be abolished up to the average house price from now onward. Let those buying massive houses pay the ‘difference’ as they can afford it, and more fairly often buy homes as investments, not just for living in.
End ever more people coming here and we may see, as it used to be, more Brits being able to afford homes.
Pointless building a thousand a year when tens of thousands of newcomers fill our land by arrival or birth. As homes will then never catch up with demand and our land will be ruined, overcrowded and an unpleasant place to be.