15 Jul Stamp Duty holiday: Save up to £15,000 with Pennyfarthing Homes
With the Government announcing a Stamp Duty holiday with a rise in the stamp duty threshold to £500,000, until 31 March 2021, now has never been a better time to buy a Pennyfarthing Home. Purchasers at one of the award-winning local housebuilder’s beautiful Hampshire and Dorset developments, The Swifts in Milford on Sea or Potters Wood in Verwood, could enjoy savings of up to £15,000 on some of the stunning homes.
Whilst pent up demand following the reactivation of the property market after weeks of lockdown has meant an average of over 80 new enquiries a week and 13 new reservations in the first two weeks of July alone for the housebuilder, this stamp duty holiday represents a huge boost to the sector.
Matt Dukes, Managing Director at Pennyfarthing Homes comments “The Chancellor’s announcement could not have come at a better time for housebuilders and the economy. Pennyfarthing Homes welcomes the measure, which will help to reduce costs for anyone buying a new home over the next eight months. With the threshold for stamp duty raised to include homes up to £500,000, it means that a brand new home at one of our developments could be yours without stamp duty being a barrier.”
Partly driving that demand has been the way lockdown impacted on what 49% of renters and 39% of buyers are now looking for in their next home. The survey of over 4000 home-owners by property website, Rightmove and using site data, also found that houses and bungalows are the most sought after homes being enquired about and gardens, home-work space and a rural location now top the list.
Two examples of homes that tick all the boxes are The Bolderbury, one of the three-bedroom styles at Potters Wood or The Northerbury, a stunning four-bedroom home at the newly launched The Swifts. Both offer not only a beautiful private garden in a sought-after rural location with good amenities, but the homes feature a now much in demand separate ground floor study perfect for working or studying from home.
Matt Dukes added: “We weren’t sure how house buyers would react when the property market reopened but activity has been buoyant. The UK housing market is bouncing back as it always does and stamp duty relief up to £500,000 will undoubtedly help to keep that bounce going. Lockdown has given potential house buyers the time to reassess their future requirements and they have new priorities, which Pennyfarthing Homes offer in abundance. For example, drill down a little further and Rightmove have found that searches for homes with gardens are up 42% among prospective buyers.”
To coincide with the reactivation of the property market, two new show homes have been launched, The Bolderbury at The Swifts, in the desirable coastal Hampshire village of Milford-on-Sea and The Overwood at Potters Wood in Verwood. House hunters at both developments can take advantage of Help to Buy on selected homes and purchase with just a £500 reservation fee and 5% deposit.
As the market picks up it is a great time to look at new-build developments. There is no onward chain to potentially impact your purchase along with the benefits of a brand new, energy efficient home and great locations with outdoor spaces. With a variety of initiatives like Starter Home and Help to Buy available on selected homes, Pennyfarthing Homes can offer prospective purchasers a little help towards their new home.