Now's the time for first time buyers to make the move

Orbit Homes is urging first time buyers to move quickly before the current Stamp Duty exemption comes to an end in March, potentially adding thousands of pounds to the cost of buying a new home.

Stamp Duty, a government tax on buying a home, traditionally applies to all property purchases. The temporary exemption which came into force in April 2010 meant that for first-time buyers, Stamp Duty was only payable on homes valued at £250,000 and above.

The end of Stamp Duty relief, which was announced in the Chancellor’s autumn statement, will mean that from 24th March 2012, first time buyers purchasing homes valued between £125,000 and £250,000 could pay up to £2,500 in stamp duty in addition to other purchase costs.

“The spiralling cost of private rents coupled with large deposit requirements mean that buyers are finding it more and more difficult to save towards their first home. Considering this increased financial pressure on first time buyers it was very disappointing that the Government decided not to extend the Stamp Duty holiday further.” Said Diane Webster, Sales & Marketing Manager at Orbit Homes.

“Its not all doom and gloom though” Continued Diane, “Orbit Homes have a range of properties available now with HomeBuy Shared Ownership; a scheme which allows you to buy a share in a brand new home while paying a subsidised rent on the remainder. The deposit requirements of HomeBuy Shared Ownership are much lower than they would be if you bought your home outright as you only pay a deposit on the share you are buying, making it an affordable option for first time buyers”

“On average it takes around 6 – 8 weeks to complete the purchase process and therefore our message to first time buyers is don’t delay if you want to save yourself some money and beat the March 24th deadline.”

Orbit Homes has developments throughout the Midlands, East and South East so to start the search for your new home visit orbithomes.org.uk.