First-time buyers urged to act now to avoid stamp duty
changes
Somer Housing Group is urging people looking to
buy their first shared ownership home to act fast to beat the axing
of stamp duty relief next March.
The ending of stamp duty relief for all first-time buyers,
announced in the Chancellor’s mini Budget, means that from 24th
March 2012, people buying their first home will have to pay 1%
stamp duty on properties over £125,000. This will add at least
£1,250 onto the cost of buying.
We help first-time buyers onto the housing ladder
through our shared ownership scheme, and we currently have
affordable homes for sale at the Bath Riverside development as well
as in Temple Cloud, Radstock and Stoke Gifford.
Our Marketing and Sales Manager, Sarah Turton, said:
“Shared ownership is a popular way for people to get a foot on the
housing ladder and at the Bath Riverside Development we have now
taken reservations on nine of 17 shared ownership apartments. It
typically takes 10-12 weeks to complete a sale, so our message to
anyone thinking of buying their first home is don’t delay if you
want to beat the 24th March deadline.”
Stamp duty relief was designed to help increase the number of
first-time buyers entering the housing market, however the
Government has said that the relief has not been effective in
achieving this.
For further information about shared ownership or to enquire
about affordable homes for sale, contact our Marketing and
Sales team on 01225 366307, email us at somerhomes@somer.org.uk, or
visit our Somer Homes site.
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