These stylish shared ownership homes are even more affordable thanks to stamp duty changes
PUBLISHED: 10:27 29 July 2020
Recent changes to stamp duty is set to benefit homebuyers using the shared ownership scheme
Following the news that all homebuyers will now be exempt from stamp duty up to £500,000 until March 31 2021, the property market is back in business.
It’s particularly good news for buyers hoping to use shared ownership, according to SO Resi, the shared ownership brand of Metropolitan Thames Valley Housing.
SO Resi has welcomed the changes and has a number of one and two-bedroom contemporary apartments available through shared ownership at its Forster Oaks development in Stevenage. Prices start from £85,128 for a 25 per cent share in a one-bedroom apartment (full market value: £243,225).
Stamp duty exemptions
The Chancellor’s recent stamp duty changes is welcome news particularly to the shared ownership market. The removal of stamp duty will allow shared ownership purchasers an opportunity to not only buy a portion of their home, but secure their future in the long term when they staircase, as in many cases they will be removed from stamp duty all together.
Homes for key workers
The economic challenges ahead will mean that saving up large deposits to buy a home will be harder than ever before. The Chancellor’s announcement means teachers, nurses, police staff and many others will be able to buy a shared ownership property with less than two months’ rent, and long term they will be rewarded by scaling to full ownership without paying stamp duty.
Nestled in a leafy corner of Hertfordshire, Forster Oaks offers a high quality development in a convenient location. There is a range of shops, cafes, generous green spaces, sports and leisure facilities in Stevenage, alongside an ambitious regeneration plan set to transform the UK’s very first new town into the epitome of 21st century cosmopolitan living. For commuters, Stevenage railway station boasts direct connections to London King’s Cross in as little as 23 minutes.
Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing, says: “We welcome the Chancellor’s announcement of the removal of stamp duty for homes up to £500k, until March 31 2021. It’s superb news for so many of those looking to purchase a new home at an accessible cost. For the first time in over a decade, the housing market will be able to move more freely as stamp duty barriers are removed.”
Viewings are strictly by appointment, for members of the same household only.
To fix a time call 020 8607 0550 or visit soresi.co.uk/forster-oaks where you can also see an online video viewing of a two-bedroom apartment.
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