Stamp duty advice for homebuyers in Ilfracombe
WITH changes to stamp duty taking effect from the spring, the company behind new homes in Ilfracombe is encouraging buyers to act now.
Elan Homes is building and selling new homes at Seascape. The company has two-bedroom homes that will be ready to move into before April 2025, enabling buyers to pay the current rate of tax on their new home.
Plus, there’s the chance to enjoy further savings thanks to the energy efficiency of the homes.
Elan regional sales director Tracey Ball explained: “There tends to be a surge in people searching for homes for sale from Boxing Day into the new year anyway, but with the rules around stamp duty due to change from April timing is everything. Experts are already predicting a jump in property sales at the start of 2025 as people try to beat the rates rise. We’re encouraging people not to wait, but to reserve a new home in Ilfracombe now and complete the purchase in time to pay the current rate of stamp duty and enjoy the benefit of living in an energy efficient new home this winter.
“It’s estimated that those who make the switch from an older property to a new home could save £165 a month or £1,980 a year on your energy bills*.”
Prices at Seascape start from £259,995 for a two-bedroom Georgeham, with an Atherington style property, also with two bedrooms, available from £299,995.
Both house types will remain stamp duty exempt for first time buyers when the rates change from April 1.
The rules around stamp duty are different for people buying their next home.
Under current rates, they’d pay £499 on a Georgeham style home, rising to £2,999 from April.
Complete the purchase of an Atherington style property before the end of March and the stamp duty would be £2,499, but from April it would increase to £4,999.
“We can recommend independent financial advisors who can help buyers understand the changes to stamp duty and how it could impact on their move,” Tracey added.
“They can also explain about mortgage options, including green mortgages which are only available for the most energy efficient homes. Plus, buyers can use our mortgage checker to compare the deals available without affecting their credit score.”
Elan’s new homes in Ilfracombe are being built within an established residential area, with nearby amenities including schools and a supermarket. The high street is less than half a mile away and is home to a range of independent retailers.
For those who want to make the most of living by the coast, Ilfracombe Harbour, Tunnels Beaches, Cheyne Beach and Rapparee Cove, are all less than a mile away,
Along with coastal walks, there are lots of green open spaces to explore, plus Exmoor National Park is within easy reach.
For more information about Seascape, see www.elan-homes.co.uk/developments/seascape/
