Buyers thrown a vital lifeline
N EW-BUILD developers have thrown a lifeline to buyers who fear they won’t be able to afford their dream homes if stamp duty rates return to normal at the end of March.The Treasury, Scottish and Welsh Governments have all declared the tax break will end as planned on March 31, despite calls to exempt buyers who have exchanged but not completed their sale. A House of Commons virtual debate on February 1 ended with Conservative and Labour MPs unanimously in favour of a tapered deadline and there’s still time for a last-minute change of heart in the Budget on March 3. In the meantime, some new-build developers have introduced schemes to prevent a plunge in sales and facilitate a swift move before the March 31 deadline. Sales director Emma Chamberlain says Thakeham is helping to push through sales of homes already built: “We put our customers in touch with a range of independent solicitors and mortgage brokers who specialise in new-build transactions. “It really speeds things up if everyone is experienced in these areas.” Thakeham’s Woodgate development at Pease Pottage,West Sussex, has two, three and four-bedroom homes already built and on sale from £405,000 (01293 226027; mywoodgate. co.uk) and Emma says: “At Woodgate we have been able to provide a search pack for each home, minimising any potential delays in the legal process. “While it’s clearly easier if our purchasers are first-time buyers without a chain, given the impending deadline, our sales teams are also assisting where there is a chain; we’re keeping in regular contact with everyone involved, issuing reminders and keeping the process moving.” Other developers, such as Galliard Homes, are continuing the stamp duty holiday at their own expense: it has launched a six-month extension on selected developments in London on homes up to £500,000, that will continue until October 1. These include developments in London Docklands, Romford, Ealing,Tower Bridge Road andWimbledon – where itsWimbledon Grounds apartments are part of an exciting new leisure and retail sector next to AFC Wimbledon’s new Plough Lane ootball ground. One-bedroom apartments are for sale from £440,000 (020 3740 9756; galliardhomes. com), with some available to move in now. “The current Government deadline has created somewhat of a bottleneck for the buying process, with reports of huge delays on purchases, so our extension allows buyers to secure their dream home with us without the stress of needing to complete this March,” says sales director David Galman. “If the Government does decide to reconsider the cliff-edge deadline approaching, that will be a huge boost. “But, for now, our customers can buy with confidence knowing their stamp duty savings are guaranteed with us for an additional six months.” Millwood Designer Homes is offering £10,000 stamp duty contributions on selected three-bedroom plots at Hawthornden in Yalding, Kent (millwooddesignerhomes.co.uk). “We know many purchasers have been disappointed that they may not be able to make the end of March deadline,” says sales and marketing director Philip Brown.