House hunters still exempt from stamp duty at Park Central
People looking for a new home in Birmingham city centre could save up to £1,499 on stamp duty costs when they purchase an apartment at Park Central, due to the development’s classification as a regeneration zone.
The stamp duty exemption at Park Central offers house hunters the opportunity to purchase a two bedroom apartment priced at £143,500 without the extra one per cent stamp duty charge, equivalent to £1,435, which was re-introduced to first time buyers purchasing homes costing in excess of £125,000, in March this year.
A regeneration zone, Crest Nicholson’s Park Central development transformed the former Lee Bank Middleway area which was once blighted with derelict buildings and social problems. Around 1400 new homes are planned for Park Central, with more than 75 per cent of the development now complete.
Ruth Williams, sales manager at Park Central in Birmingham, said: “The stamp duty relief really did make a huge difference for first time buyers in Birmingham city centre, as was made obvious by the increase in sales activity across the UK ahead of the end of stamp duty exemption in March. I am extremely pleased the exemption still applies to all homes at Park Central, recognising the effort and dedication Crest Nicholson has put into transforming this area.
“One per cent may not sound like a lot on paper but when you understand that the stamp duty tax means an extra cost of at least £1,250 you realise that it really could make all the difference as to whether house hunters can afford their first home or not. After all, this saving could go towards legal fees or even buying a sofa or furnishings for your new home.”
The UK property market saw a surge in activity in February and March as first time buyers rushed to beat the stamp duty deadline on the 24th March. All residential developments in the UK which have been classified as regeneration zones by the government remain exempt from the tax.
Ruth continues: “Park Central has regenerated 61 acres of derelict land in the city centre of Birmingham, making it a hugely significant development that will not only create 1400 new homes, but has seen a new and strong community develop in an area that was once renowned for its social problems. It’s a truly rewarding move by the government to continue the stamp duty exemption at regeneration zones and I hope people choose to make the most of these cost savings.”
Stamp duty land tax is payable on all homes over the cost of £125,000 with one per cent tax payable on homes priced between £125,000 and £250,000. This increases to three per cent for homes between £250,001 and £500,000 and four per cent for homes priced between £500,001 and £1 million.
In addition to the stamp duty exemption, Crest Nicholson is giving a David Phillip kitchen pack worth £450, (including crockery and electrical appliances) to everyone who purchases an apartment at Park Central before 20 May.
Starting in price from £99,950 for a one bedroom apartment, all the homes at Park Central have modern fixtures and fittings, double bedrooms, designer kitchens and bathrooms, and spacious balconies boasting views across the eight acres of landscaped public parkland.
Bordered by Bath Row and Lee Bank Middleway, and just minutes from The Mailbox, Park Central is an award winning Crest Nicholson development. For more information, visit parkcentral.co.uk.