What do new stamp duty changes mean for homebuyers?
On Wednesday 8th July, Chancellor Rishi Sunak announced a temporary stamp duty holiday on properties up to £500,000. These new rates will apply until 31st March 2021. Here’s what Managing Director, Alex Mackay, said of the announcement:
“Stamp duty has been an ever-increasing burden for buyers of all homes over a certain minimum value, previously £125,000 (or £300,000 for first-time buyers). The new level will quite literally save buyers thousands and thousands of pounds when it comes to their moving costs; what a great result for those moving in the next nine months.
Stamp duty will remain an issue but, with this money-saving window open for nine months, now is the time to react, whether you are buying or selling.”
If you’re looking to buy a property
For potential buyers, if you’re looking for a new home then now is the time. Plus, if you were to find your ideal property and close a purchase in the next month or two, you should be all moved in for Christmas, with the stamp duty bonus you’d have saved up now tucked safely away for a rainy day.
Buying a home with 0% stamp duty
With the new stamp duty threshold in mind, we’ve reviewed different areas around Brighton, Hove and the wider area to provide you with an idea of what your budget will extend to.
Portslade and West Hove
With its own vibrant community, plenty of independent shops and cafes and excellent access into central Brighton, Worthing or commuting stations, many young professionals and families have made the move to Portslade and West Hove in recent years.
This three-bedroom maisonette on Old Shoreham Road (£325,000) would make a great starter home for a small family looking to put roots down in the area.
Whether you’re looking to be close to the beach or the bustling central atmosphere with an exciting independent food, drink, and shopping scene, look no further than Brighton. There are fantastic opportunities for homes of all types and sizes right now, such as this rarely available, central family home in the desirable North Laine area (£475,000).
Leafy Preston Park is a great family neighbourhood, close to expanses of green space and plenty of excellent schools and nurseries.
This one-bedroom apartment (£260,000) makes an ideal starter home for the first-time buyer. This really is an opportunity for you to stamp your mark on your purchase.
Hove offers a cosmopolitan scene, with an ever-growing list of all-day eateries popping up, as well as its renowned Regency architecture close to large green spaces.
This one-bedroom, Grade II listed apartment on Montpelier Road (£300-325,000) would be ideal for young professionals looking to purchase their first home.
Vibrant Kemp Town is a famously bohemian area, home to many artists, musicians and poets. As a key focal point around many of Brighton’s biggest cultural pulls, it’s the ideal area for a buyer looking for a city home that has a distinct community feel.
This stylish first floor apartment (£450-475,000) has been recently refurbished and sits within a Grade II listed Regency building. Complete with three double-bedrooms and a large lounge, it’s the perfect central home for frequent entertainers.
With an idyllic balance of coast, countryside and small-town community, many homeowners are looking for a peaceful escape to Rottingdean.
This unique flint stone cottage on Steyning Road (£350,000) is fitted with sleek, modern interiors throughout and is an excellent Help-to-Buy opportunity.
Hurstpierpoint’s semi-rural location strikes a perfect balance for those wanting to stay close to Brighton, with all the enjoyment of a tranquil village base and its local amenities.
Have a look at this spacious, four-bedroom semi-detached home (£485,000), complete with a desirable open plan kitchen and family room.
Whether you’re looking to put your home on the market and need advice around selling it for the best price, or are looking to buy your first home, all of us within the property market have a window of opportunity right now. Contact us today if you’d like to know more.