You can still buy a new-build before the stamp duty holiday deadline.
The clock is ticking if you’re buying a home and hope to minimise costs by maximising stamp duty savings.
This tax is normally payable when completing on a property costing more than £125,000 (unless you’re a first-time buyer, when it’s £300,000) but the minimum threshold is currently £500,000, potentially saving you up to £15,000.
The stamp duty holiday was introduced last July to boost the housing market after the first lockdown, and was originally due to end on March 31.
However, in the budget it was extended until September 30, though the benefits taper off from July 1, when the nil rate band drops to £250,000 before returning to £125,000 on October 1.
It’s certainly been a popular move, with HMRC estimating that the number of property transactions in March 2021 was double that in March 2020. The additional demand has led to hold-ups in the sales process, and comparison website MoneySuperMarket.com reports that the average home now takes 77 days to complete.
So, with only 58 days to go until the first deadline, you may be worried that time’s running out if you haven’t found anywhere to buy.
Fortunately, some housebuilders are promising to pay stamp duty beyond that date, or are pulling out all stops to push sales through fast…
Newham’s Yard, Southwark SE1
Potential stamp duty savings: £15,000+
Tower Bridge, the City and London Bridge station are all on the doorstep of this contemporary development from Galliard Homes and Acorn Property Group. Galliard will pay stamp duty of up to £15,000 on homes completing before January 1, 2022, giving buyers an extra six months’ peace of mind.
Fresh Wharf, Barking IG11
From £335,000 – £410,000
Potential stamp duty savings: £1,750+
These one and two-bed apartments are part of a development of 900-plus homes being delivered by Countryside and Notting Hill Genesis on the River Roding, alongside shops, cafes and parks. The stamp duty holiday is being extended until at least the end of the year.
Synergy, Charlton SE7
Potential stamp duty savings: £4,500+
A scheme of one, two and three-bed apartments with spacious open-plan living areas and white gloss kitchens with granite worktops and induction hobs. First-time buyers will get all stamp duty paid on selected plots beyond the government deadline.
Noma, North Maida Vale NW6
Potential stamp duty savings: £26,500+ (£15,000 + £11,250)
These two or three-bed apartments are in a luxury development with a gym, concierge and communal gardens. Make sure you have a solicitor and mortgage offer in principle lined up as Latimer Homes will pay all stamp duty above £500,000 if you complete by June 30.
The Dice, Uxbridge UB10
Potential stamp duty savings: £1,999+
An extension of the full £500,000 exemption until September 30 – available on a range of studio and two-bed apartments – takes the stress out of buying at this west London development, which is a short walk from Uxbridge station.
The Assembly, Hounslow TW3
Potential stamp duty savings: £22,500 (£15,00 + £7,500)
Countryside is offering to pay all stamp duty on these four-bed townhouses, over and above the government’s threshold. Each includes a kitchen/diner, living room, a master bedroom with an en suite and off-street parking.
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