Tax Break Inspires Surge Of Interest At Worcester Site

Changes to Stamp Duty have inspired people reassessing their housing needs through lockdown to actively find a new home, as Elan Homes has seen at its Stableford development in Worcester.

This kickstart has seen a flurry of sales with buyers eager to move, with all of the three-bedroom properties now sold, said the housebuilder’s regional sales director Tracey Ball: “In the first month since re-opening Stableford we’ve sold four new homes, to a mix of people who’d previously expressed an interest in living here and those who had enquired more recently. We’ve also been working with a number of people looking to move and have seen an increase in enquiries after homes priced under £500,000 were made Stamp Duty-free.

“In many cases people have already visited our website, taken virtual tours of the show homes and know exactly which home they want to buy before they contact our sales team. The changes we’ve introduced in the wake of COVID-19, including moving to an appointment only system for viewing the show homes, have been embraced by purchasers as it means they’re able to look around uninterrupted.”

The Stamp Duty saving amounts to almost £14,000 based on a five-bedroom ‘Chesham’ priced at £475,000 or almost £9,000 on a four-bedroom ‘Southwold’, on the market at £375,000.

Additionally, all of the properties are within the current £600,000 threshold for Help to Buy, where the government provides an equity loan for up to 20% of the price, leaving the buyer to find a 5% deposit and 75% mortgage. Available exclusively to new build homes, the equity loan scheme is currently open to first-time buyers and those who’ve sold their current property subject to contract. From next April, Help to Buy will be restricted to first-time buyers, with regional price caps.

“With all of the three-bedroom homes now sold, we’d encourage those who have missed out to think about their long-term rather than immediate housing needs,” Ball added. “The combination of the tax break and Help to Buy could make a considerable difference to their budget, enabling them to skip a step on the housing ladder. They could find they’re able to buy their forever home, somewhere they can grow into with their family rather than having to move again in a few years’ time. Or it could mean they can have a dedicated home office.”

Close to the city centre, including Worcestershire Royal Hospital, the homes at Stableford benefit from good local schools and easy access to the M5.

Find out more at www.elan-homes.co.uk.

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