Stamp duty holiday comes to an end for first time buyers

“MOVE now to save thousands of pounds” is the message from leading housebuilder Barratt Homes to anyone looking to get onto the property ladder for the first time this year. With exactly two months to go until first-time buyers will have to pay up to an additional £2,500 in stamp duty costs when buying a property, the leading housebuilder is encouraging purchasers to benefit from the saving before the end of March.

The stamp duty ‘holiday’ was introduced by the Government two years ago and it was confirmed by the Chancellor in his Autumn Statement that it will not be extended. Therefore anyone looking to benefit from the tax break will have to legally complete on a property under the value of £250,000 by 24th March. After this date, stamp duty will be charged at a rate of 1 per cent to first-time buyers on all properties above the value of £125,000.

“The countdown is now on for first-time buyers to save thousands of pounds,” says Gary Patrick, regional sales director Barratt London, “Saving for a deposit is now more demanding than it has ever been and so the reintroduction of stamp duty will certainly disadvantage first-time buyers. Those considering getting onto the property ladder this year will now have to move quickly in order to benefit from the stamp duty holiday.”

With just a few properties still available from Barratt London without stamp duty costs, first-time buyers do still have time to get onto the property ladder, although time is running out. The properties are all brand new and purchased directly from the housebuilder, so there will be no complications to delay the purchase.

Gary Patrick continues: “We only have one property left in our Hayes development, one left in our Edgware development, and the last remaining few at Waterside Park, in the Royal Docks, so we really are urging first-time buyers to act quickly. Anyone interested in securing one of these properties should get in touch now to avoid later disappointment. We will happily help any interested purchasers to get the ball rolling in order to meet the looming March deadline.”

New homes currently available under £250,000 from Barratt London include:

- Waterside Park -- one bed apartments from £217,000.
- Evolution, Edgeware – one bedroom apartment left at £223,500.
- Arena, Hayes – one bedroom apartment left at £175,000.