Boost for Stafford first time buyers
With a good selection of Redrow homes at Amington Garden Village in Tamworth; Church View and Priory Park in Stafford; and Wellington Place in Fradley, below £300,000 – now exempt from stamp duty for first time home owners – there’s potential to save up to £5,000.
The Government has also confirmed a £10 million cash injection for Help to Buy, which means 135,000 more people will be able to buy a new home between now and 2021, many of them in Staffordshire.
Under the Help to Buy scheme buyers take out an equity loan for up to 20% of the property price, leaving them needing a deposit as little as 5% and a 75% mortgage from a lender of choice. The Government backed loan is interest free for the first five years and repayments thereafter are competitively priced and index linked. The home owner can pay back the equity loan at any time, without penalty, or when they come to re-sell.
Pauline Turnbull, sales director for Redrow Homes (Midlands), said: “We’re already seeing renewed interest in our properties from first time buyers, especially on those developments where we have properties below £300,000. They can potentially benefit from Help to Buy and the stamp duty exemption – and maybe use the stamp duty saving to boost their deposit. It’s a win-win situation.”
Someone who bought a £299,950 home pre-budget would have paid £4,998 in stamp duty; post-budget, if they’ve never owned a property before, they will pay no tax at all.
“Savings apply for anyone paying more than £125,000 for their first home. For example, someone paying £180,000 for a new home would save £1,100 in stamp duty, which is money they could put towards their deposit. When you’re buying your first home every penny counts,” Pauline added.
“Our on-site sales consultants are already up to speed with the changes and we have a network of mortgage specialists who can explain all the options to customers and help them decide the best route for their circumstances. Buying a first home can be daunting but when you choose a brand new home from Redrow there’s expert help available every step of the way.”
Amington Garden Village is a flagship scheme where up to 1,100 new homes will be built over the next decade, along with a host of community features including a new school. Current availability includes three, four and five-bedroom designs with prices from £224,995 up to £484,995.
Church View and Priory Park offer a choice of three to five-bedroom homes in a rural setting on the edge of Stafford. Prices there range from £249,995 to £479,995.
At Wellington Place there are two to five-bedroom designs available close to the Coventry Canal and just a short walk from the centre of Fradley village. Prices at Wellington Place range from £214,995 to £499,995.
Whichever location is chosen, buyers will be assured by the quality Redrow is renowned for.
All of the developments feature Redrow’s Heritage Collection designs, which combine traditional architecture, inspired by the Arts & Crafts era, with modern, energy efficient interiors designed for ease of living.
For more information, see www.redrow.co.uk.
Redrow’s website also includes a handy stamp duty calculator which can help customers calculate the potential saving on the home they wish to buy.
Redrow was established in 1974. Today, it is one of the most successful and acclaimed property developers in the UK, building over 5,400 premium quality family homes a year in prime locations across England and Wales. Over Redrow’s history spanning more than 40 years, it has earned a unique reputation for quality and building beautiful homes, which people love to live in. To help achieve this it also focusses on two other key areas: valuing people and creating outstanding locations. Implementing its strategy whilst engaging with colleagues and stakeholders helps Redrow deliver significant value to investors and the wider community. Redrow is listed on the London Stock Exchange and is a constituent of the FTSE 250 index. For the year ended 30th June 2017, the Group reported record revenues of £1.65 billion. Redrow has been awarded the ‘Best Large Housebuilder’ title twice in the last three years at the What House? Awards. This year, Redrow was named as a UK Top 100 Apprenticeship Employer for the fourth consecutive year. Visit redrow.co.uk for more details.