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STAMP DUTY CHANGES AND HOW TO SAVE ON A NEW HOME IN STAFFORDSHIRE
WITH changes to stamp duty taking effect from the spring, the company behind new homes in Staffordshire is encouraging buyers to act now.
Elan Homes is building and selling new homes at Dosthill Gate in Tamworth, where the final phase is now on sale. It’s also creating apartments at Lorne House at The Sidings in Lichfield.
The company has properties available at both locations that will be ready to move into before April 2025, enabling buyers to pay the current rate of tax on their new home.
Plus, there’s the chance to enjoy further savings thanks to the energy efficiency of the homes.
Elan regional sales director Tracey Ball explained: “There tends to be a surge in people searching for homes for sale from Boxing Day into the new year anyway, but with the rules around stamp duty due to change from April timing is everything. Experts are already predicting a jump in property sales at the start of 2025 as people try to beat the rates rise. We’re encouraging people not to wait, but to reserve a new home in Staffordshire now and complete the purchase in time to pay the current rate of stamp duty and enjoy the benefit of living in an energy efficient new home this winter.
“It’s estimated that those who make the switch from an older property to a new home could save £165 a month or £1,980 a year on your energy bills*.”
Properties priced under £425,000, including Elan’s new homes in Staffordshire, are currently stamp duty exempt for first time buyers. From April 1, first time buyers will need to pay stamp duty on homes priced over £300,000.
Three-bedroom homes at Dosthill Gate are available for £299,995 meaning they’ll remain exempt from stamp duty for first time buyers.
The rules around stamp duty are different for people buying their next home.
Under current rates, they’d pay £2,499 on a three-bedroom home at Dosthill Gate, rising to £4,999 from April.
The four-bedroom detached Woodhall show home, which has been professionally styled, is available to purchase from £475,995. Complete the purchase before the end of March and the stamp duty would be £11,299, but from April it would increase to £13,799,
Over at Lorne House at The Sidings two-bedroom apartments are available from £390,000.
At the current rate, the stamp duty would be £7,000, rising to £9,500 from April.
“We can recommend independent financial advisors who can help buyers understand the changes to stamp duty and how it could impact on their move,” Tracey added.
“They can also explain about mortgage options, including Own New rate reducer and green mortgages, which are only available for the most energy efficient homes. Plus, buyers can use our mortgage checker to compare the deals available without affecting their credit score.”
To find out more about Elan’s new homes in Tamworth see https://www.elan-homes.co.uk/developments/dosthill-gate/ or for information about apartments in Lichfield see https://www.elan-homes.co.uk/developments/lorne-house-the-sidings.
Apartment Showhome Now Open.