Government axes stamp duty on shared ownership - 13/03/08
Chancellor Alistair Darling has lifted the weight from many first-time buyers’ shoulders; stamp duty will no longer be required on properties purchased through shared ownership schemes when buying less than 80% equity in their home.
Keith Holloway, Chief Executive of Thames Valley Housing says, “This comes as a huge relief to those who are already exploring affordable housing options and will certainly be seen as quite the windfall to people preparing to pay stamp duty. “ Mr Holloway adds, “It is great news for housing associations as it means we can help more people onto the property ladder as they no longer need to raise as many funds.”
The change in legislation couldn’t have come at a better time for first-time buyers Amy McCollam and her partner Justin Blackwell who have just exchanged at East Street, Reading, a Thames Valley Housing development in Berkshire.
“The news from the latest budget is better than we could have hoped for! We really didn’t expect anything like this. It’s a real weight off our shoulders,” comments Amy. “Scraping together enough money for various fees is possible, but not having to find extra money for stamp duty is like winning the lottery! With the extra £1,300 we can buy all the bits and pieces we want for the flat, rather than only being able to buy what we need without stretching ourselves.”
Other first-time buyers can benefit from this legislative change and purchase at East Street Reading, a new development of 33 one, two and three-bedroom apartments available through the New Build HomeBuy scheme (formerly Shared Ownership).
Property values at East Street Reading range between £155,000 and £275,000, and apartments can be purchased with a 50% share. Share values will therefore range between £80,000 and £150,000. Monthly rent is charged at 3% per annum on the balance plus a monthly service charge.
With less than 50% of homes at East Street Reading remaining, it is important to register interest as quickly as possible.
A show flat is now open at East Street Reading Friday to Monday from 11am - 4pm.
Further Information
For more information on buying at East Street Reading, please visit www.tvha.co.uk or www.homebuy.co.uk , or ring the Thames Valley Housing New Build HomeBuy
marketing team on 0845 35 12345
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