Bloor Homes is urging first time buyers to take a look at their options for buying a new home at its ‘Bloor Homes at Pinhoe’ development before the predicted rise in stamp duty tax for first time buyers in early 2025.
The threshold was raised by the previous government to allow first time buyers to pay zero stamp duty on purchases of up to £425,000 until March 2025. With the new Labour government confirming in the Autumn Budget this week that they will not be extending the threshold changes beyond this date, anyone buying a home for the first time from April 2025 will pay stamp duty tax on properties over the lower threshold of £300,000.
This comes as the developer has released the latest in its Contemporary range of homes overlooking the newly launched Country Park adjacent to the development. With some of the three and four bedroom homes at the Pinhoe development ready to move into for Christmas, Bloor Homes says this is a great time for anyone looking to buy a first home to make the most of the stamp duty exemption threshold while it lasts.
Sara Parker, Sales Director for Bloor Homes’ Exeter region, said: “For first time buyers looking to maximise their budgets, this is the time to take steps to securing a new home before the changes. And even if you have visited us at Pinhoe before, the homes we are building in this phase are from a new Contemporary collection, so they’re different to the homes we have built here before. Every home now also includes solar panels and Electric Vehicle charging points, ensuring they are future-proofed.
“This is a great time to come and take a look with fresh eyes and see how much more you can get for your money before the stamp duty changes take effect in April 2025. We find some first time buyers are also unaware that the Energy Performance Certificate (EPC) ratings on newbuild homes allow them to qualify for a ‘green mortgage’ from a range of lenders, which could have better rate than a regular one.”
Sara continues: “The benefits of buying new also include no forward chain, which makes moving quicker and with some homes ready to move in before Christmas and Bloor Homes offering 5% deposit paid, now is a good time to explore the options with Bloor Homes’ friendly sales team to make fully informed choices.”
Bloor Homes at Pinhoe is located on Farley Grove and is open daily from 10am – 5pm.
For more information about Bloor Homes’ Exeter developments, visit bloorhomes.com
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