Budget announcement gives house hunters last chance to save thousands
Househunters in Birmingham were given the welcome news yesterday that the Stamp Duty exemption will be extended until the end of June.
The announcement was made in the Chancellor’s Budget and has been widely welcomed by housebuilders and potential purchasers – including those at Port Loop, Birmingham’s new island community.
There are now 16 weeks for thrifty househunters to find a property and complete on their new house purchase in order to take advantage of the savings.
Guy Ackernley, commenting on behalf of Port Loop’s Joint Venture partners, Urban Splash and Places for People, said: “I know that the extension to the Stamp Duty exemption will be hugely welcomed by those in the process of buying their new home at Port Loop but unlikely to complete by the previous deadline of March 31st.
“It’s also a ‘last chance’ opportunity for anyone considering buying a new home this year to save thousands of pounds – if they move quickly! At Port Loop, we’re in the very fortunate position that we have some of our three and four bedroom Town Houses ready for people to move into but, with the legal process currently moving slower than usual due to the sheer volume of sales, there’s a limited window for people to benefit from this extension. With that in mind, we’re now expecting a busy few weeks ahead as people rush to take advantage.
“At many new-build developments, this extension still won’t be enough to cover the build time of their new homes; meaning househunters will have to think carefully about where they buy to take advantage of the potential savings.”
Until the end of June, there will be an up-to-£500,000 ‘nil-rate band’ on Stamp Duty, meaning nobody purchasing at Port Loop will have to pay the tax. From that point Stamp Duty will be payable on all homes priced over £250,000 until the end of September, with pre-Covid Stamp Duty thresholds to resume from the 1st October.
Prior to the Stamp Duty exemption, purchasers at Port Loop were required to pay as much as £12,000 on a four bedroom Town House priced at £440,000.
Currently there are a range of three and four storey Town Houses to buy at Port Loop with prices starting from £385,000. These are the last properties available to purchase in the current phase. The show home is open for appointments and private viewings, in line with the current government guidance.
Port Loop has proven extremely popular over the past 12 months, with many attracted by the abundance of outdoor green space available to homeowners, as well as its close proximity to Edgbaston Reservoir and the fact that all the new homes have easy access to the surrounding canal network. Homeowners and the local community have also been enjoying free kayak lessons and bike servicing, as well as takeaway coffee and cake from The Floating Front Room. Birmingham’s first Art House – called Yard and located at Port Loop – is also now gearing up to its first events.
The new homes at Port Loop are just a 15 minute walk along the canal from Birmingham city centre.
Port Loop is being delivered by developers Urban Splash and Places for People, alongside the charity, Canal & River Trust, and Birmingham City Council. More information can be found at port-loop.com.
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