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Act Quickly For Stamp Duty Benefit, Urges Housebuilder

Posted 1 December 2020 by Keith Osborne

Berkeley Group warns that a property transactions time might affect a buyer benefitting from the Stamp Duty holiday...

Berkeley Group, which has just won Gold for Best Large Housebuilder at the WhatHouse? Awards 2020, is urging house-hunters to seek out their ideal home quickly in order to be sure that they can save thousands of pounds during the current Stamp Duty holiday.

Launched in July, the ‘holiday’ has eliminated the need to pay Stamp Duty on the value of a home up to £500,000, but the scheme is set to end on 31 March 2021. Right now, the backlog of services caused by the number of house moves inspired by lockdown means the purchases are taking much longer than usual to reach completion – so the earlier buyers can start the ball rolling, the better, so that the deadline doesn’t pass and they could be left with an additional bill.

The current version of the Help to Buy scheme will only apply for reservations by Tuesday 15 December, after which new rules take over, with regional price limits considerably lower than the current ones, and only available to first-time buyers.

The MansionsThe Mansions

The Mansions by Berkeley comprises a choice of luxurious and spacious one-, two-, three- and four-bedroom apartments and a penthouse on Copse Hill in Wimbledon. In addition to secure underground parking, residents also benefit from hotel-style amenities, including a concierge service, residents’ gym and private cinema. There’s a one-bedroom property there on the market for £799,999. Before the holiday, the Stamp Duty bill would have been £27,500, but with 0% currently payable on the first £500,000, only £15,000 needs to be paid – a saving of £12,500.

Trent ParkTrent Park

In north London, at Berkeley’s Trent Park development, Highfield House and Lyon House comprise one-, two- and three-bedroom apartments. This is all set in 413 acres of beautiful parkland and residents have exclusive access to The Lawn Club, which features a range of leisure facilities including an open-air swimming pool, a state-of-the art gym and 24-hour estate security. On a one-bedroom apartment priced at £565,000 would normally come with a Stamp Duty bill of £15,750 but this is currently reduced to £3,250 – a saving of £12,500. This home can be purchased though London Help to Buy, which requires a deposit of only 5% of the price.

Green Park VillageGreen Park Village

Green Park Village in Reading comes under the Berkeley Group’s St Edward brand as is a tranquil modern village offering a variety of homes – from modern one-bedroom apartments to four-bedroom, New England-inspired houses – in a lakeside setting. Here, buyers can pay £487,500 for a three-bedroom house (using Help to Buy, available on selected properties here) which would normally incur £9,375 payable as Stamp Duty. With the holiday threshold at £500,000, there is currently no Stamp Duty payable on this property.

Find out more about current developments from Berkeley and St Edward.

 

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