Budget boost means now is the time to buy A brand new home

From extending the Stamp Duty holiday and a new 95% mortgage guarantee, the Budget offers a boost to homebuyers with Elan Homes welcoming the measures.

Under the Stamp Duty holiday, extended to June 30, buyers won’t pay tax on the first £500,000 of a property purchase price. This means most new Elan homes will be tax-free.

Marie Morris, sales director for Elan Homes in the North said: “Measures announced in the Budget recognise that the housing and construction industry have an important part to play in the country’s economic recovery from the pandemic. We welcome the extension of the Stamp Duty holiday to the end of June as this could make a difference to around 80% of homebuyers, with most of our properties falling within the £500,000 temporary threshold for the tax. We’re also pleased that the tax will have a phased reintroduction, which will provide a further boost for buyers through to early autumn.”

From July through to the end of September, the point at which you start paying Stamp Duty will be £250,000. It will return to the usual £125,000 from October.

For first time buyers, from July onwards there will be no Stamp Duty to pay on the first £300,000.

“For many people saving a deposit to secure a home can be a challenge, but the introduction of a new Government-backed mortgage guarantee scheme could change that,” Tracey Ball, sales director for Elan Homes Midlands, added.

“Expected to be available as early as next month, it will offer buyers the chance to buy a home with a 5% deposit and 95% mortgage. Available on homes valued up to £600,000, including the majority of new Elan homes, it’s due to run until December 2022.”

Lenders who will be offering 95% mortgages will include Barclays, HSBC, Lloyds, NatWest and Santander, with other lenders including Virgin Money also expected to sign up.

The 95% mortgage scheme is due to run from April 2021 through to December 2022. Under the scheme lenders will offer five-year fixed rate mortgages.

Elan Homes is building across the North West, South West and Midlands, with developments in Merseyside including Balmoral Gardens, Southport, and Mossley Gardens, Liverpool; Millfields in Middleton, St Catherine’s Gardens in Lowton and Holcombe Gardens in Ramsbottom, Greater Manchester; across Staffordshire with developments including Brook Meadows in Loggerheads, The Hyde in Kinver and Woottonbrook in Wombourne; in Worcestershire at Three Js in Abberley and Stableford in Worcester and at Pickards at Larkbear in Barnstaple.

Find out more about where Elan is building via the website www.elan-homes.co.uk or book an appointment with the sales team on your preferred development.