First time buyers in Plymouth welcome Stamp Duty scrapping

First time buyers in Plymouth will likely be celebrating as the Chancellor has scrapped stamp duty taxes for first timers on properties up to the value of £300,000 in the Autumn Budget.

Those buying properties up to the value of £500,000 will also benefit from the tax break on the first £300,000 of their purchase. This will save those buying their first home thousands of pounds and means that 80 per cent of first time buyers will now not face any stamp duty charges at all.

Local housebuilder Barratt Homes welcomes the stamp duty break and is encouraging local first time buyers to make the most of the tax break at its developments in Plymouth.

At Redwood Heights in Plymouth, a stylish new three bedroom home which costs £217,995 will now be exempt from stamp duty following the Budget announcement. In Ivybridge two and three bedroom homes at Lucerne Fields priced from £212,995 are also free from stamp duty.

Sales director Sara Parker comments: “This break from stamp duty will be music to the ears of many first time buyers who may be struggling to deal with some of the upfront costs of homeownership. By removing the stamp duty tax, aspirational homebuyers will now be able to put more savings into the actual cost of buying a home and allow them to make a move sooner rather than later.”

Being brand new developments, homebuyers at Redwood Heights and Lucerne Fields will also be able to benefit from the Government’s popular Help to Buy scheme. Help to Buy is an equity loan scheme which allows homebuyers to purchase a new home up to the value of £600,000 with just a 5 per cent deposit. They can then gain access to more affordable interest rates typically associated with a 75 per cent loan to value mortgage.

Sara adds: “The stamp duty break combined with continued availability of the Help to Buy equity loan scheme means that there has never been a better time to buy a brand new home. We would welcome any first time buyers who are looking to buy in Plymouth to come and find out more.”

For further details about homes in Plymouth, contact www.barratthomes.co.uk or call 0844 5710 385.