First-time buyers can still enjoy stamp duty holiday

Time is now running out for first-time homebuyers to take advantage of the Government’s stamp duty holiday – but buying a brand new Bovis Home could help them beat the deadline.

First-time buyers have been exempt from paying stamp duty on properties priced between £125,000 and £250,000 since the budget of 2010, but the holiday will be over after 24 March this year.

From March 25 onwards, anyone who takes ownership (ie legally completes) on these homes will have to pay 1% of the purchase price in stamp duty tax.

“The holiday is almost over – but there could still be time for homebuyers to make the most of it if they buy a brand new Bovis Home,” said Group Marketing Director Kevin Wilkins. “That one per cent could be a significant extra cost for the buyer – up to £2,500 in some cases – so there is a real saving to be made by completing your house purchase before the deadline.

“However, the danger is that first-time buyers may fail to appreciate how long the homebuying process could take and they may leave it too late in the New Year to make the most of this important benefit.

“The advantage of buying new is that the buyer has a far greater chance of making the deadline and achieving the stamp duty saving,” added Kevin. “You will avoid getting stuck in a dreaded chain, which can always cause unexpected delays, and the buyer will be kept informed about the timescales involved in buying their new home.

“With our selection of low-deposit purchase assistance schemes the first-time buyer could also be freed up to make their move quickly, without having to wait to save up for a large deposit.”

Those assistance schemes include FirstBuy - a scheme where a joint 20% equity loan from the Government and Bovis Homes means the buyer requires just a 5% deposit and a 75% loan-to-value mortgage.

Bovis Homes also has its own packages, including The Perfect 10 and Jumpstart which offer low-deposit solutions for first-time buyers and are available at most of the housebuilder’s many developments across England and Wales.

For further information about Bovis Homes developments or the help they can offer first-time buyers, visit bovishomes.co.uk.