Keep on moving
There has been a lot of uncertainty in the news, in government and the housing market, but what does that mean for your home search?
There are plenty of reasons to keep on moving, so let's break down why it's still a great time to buy a new home.
What are the changes to Stamp Duty?
On 23 September 2022, the government announced changes to Stamp Duty Land Tax - including how much you'll pay. With the newly-revised rates, many will benefit from bigger savings.
For a quick overview of Stamp Duty and what it means, visit our Stamp Duty Explained page.
The main changes to Stamp Duty apply to the new rates you'll pay. To see the new amount of Stamp Duty you could pay, take a look at the table below.
| Property value | SDLT Rate (Before 23/09/22) | SDLT Rate (From 23/09/22) |
|---|---|---|
| £0 to £125,000 | 0% | 0% |
| The next £125,000 (£125,001 to £250,000) | 2% | 0% |
| The next £675,000 (£250,001 to £925,000) | 5% | 5% |
| The next £575,000 (£925,000 to £1.5m) | 10% | 10% |
| Slice above £1.5m | 12% | 12% |
This is great news for homebuyers, as you'll save more on Stamp Duty for properties worth less than £250,000.
Even better - if you're a first time buyer, you won't have to pay Stamp Duty if the property is valued below £425,000. But, if the home is worth over £625,000, you'll pay the normal rate.
And, if you own more than one property, you'll pay an extra 3% on top of the normal rate.
Help to Buy: Equity Loan ending
New applications for Help to Buy: Equity Loan are now closed, and with many struggling to afford to buy on the open market, now could be the perfect time to consider Shared Ownership. Through the scheme, you could buy a percentage of your brand-new home and pay a low-cost rent on the rest.
Even better, you could also increase your share over time through a process called staircasing, and own up to 100% of your home. We've helped hundreds of people find a great place to live, so take a look at our available homes now.
If you've already applied to the loan but haven't yet moved, you'll need to legally complete the purchase of your home by 31 March 2023.
Energy-efficiency
Many of us have felt the squeeze that the cost of living crisis has had on our wallets. But, with a new home, you could save more in the long term. Our new homes are built with double-glazing windows, good insulation and low-energy lighting.
What's more, you could save up to 63% on your energy bills with a new-build home^^. So, you'll have more to spend on the things most important to you.
Read more about our energy-efficient homes and the benefits of buying new, or discover more ways to save at home this winter on our blog.
Affordable homes
Not only are our homes built to a high standard and with energy efficiency in mind, they could also be more affordable than renting in some areas.
For example, the average rent for a two bedroom apartment in Bristol is £1,666 per month^, whereas the monthly costs for a similar Shared Ownership property are £1,400 per month*. Deposits start from just 5% of the share you buy, so you could get started with your home buying journey sooner.
Take a look at our energy-efficient affordable homes now using the button below.
^^Source - Home Builders Federation, October 2022 'Watt a Save' report. ^Source - home.co.uk, 8 November 2022. *Figures based on monthly payments for a 35% share of a two bedroom apartment at Castle Park View with a 5% deposit of the specified share, using current mortgage rate as of 8 November 2022.
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