Ahead of the changes to Stamp Duty announced by Chancellor Rishi Sunak on Wednesday, developer Avanton revealed they had received an influx in enquiries.
Avanton had six deals agreed this week at their development, Coda in Battersea with buyers looking to capitalise on the tax threshold changes.
Since the first rumours of changes to Stamp Duty emerged last weekend, the developer has seen a 100% increase in enquiries with all buyers highlighting the stamp duty changes as motivation to purchase now.
There have been six deals agreed this week at Coda in the lead up to the proposed changes, an increase from the average six deals a month previously. All the homes purchased this week have been one-bedroom apartments which are priced from £595,000.
Chancellor Rishi Sunak has announced a Stamp Duty Holiday for properties up to £500,000, raised from the standard £125,000 threshold, effective immediately.
This means buyers at Coda will now benefit from the adjusted threshold tax rates with potential for significant savings. As properties up to £500,000 will have no Stamp Duty, purchasers of properties up to £925,000 will now only be paying 5% Stamp Duty on the additional purchase price.
Therefore, on a typical £600,000 one-bedroom property, a purchaser at Coda could now save up to £15,000 as the new rules come into immediate effect.
David Ronson, Director of Sales and Marketing at Avanton said, “Ahead of the Chancellor’s changes to Stamp Duty Land Tax, we saw a 100% increase in enquiries to Coda with all buyers citing the potential tax savings as a huge incentive to buy now.
“We have agreed six deals this week, which is an increase on our average of six deals a month. The Stamp Duty Holiday will allow buyers to purchase their desired home at Coda and benefit from huge tax savings following the adjustment of thresholds.
“We encourage anyone who is interested in the high-quality lifestyle at Coda to book an appointment to learn more.”
Coda has reopened its marketing suite and show apartment following COVID-19 safeguarding, with buyers encouraged to make an appointment to visit the marketing suite and minimal people attending to assist with social distancing.
Located on York Road in Battersea, apartments at Coda sit above a raised ground floor podium containing the RAD facilities, with the podium roof providing two courtyard gardens totalling 18,600 sq. ft. of outside space. The 23 storey, 90 metres tall, central residential tower provides private sale studio, one, two, and three bedroom apartments and penthouses.
At Coda, each home has a large open-plan designer kitchen with Poggenpohl units, integrated Siemens appliances and Corian worktops, as part of a flexible kitchen, dining and living room, and each home has a private balcony or terrace.
Coda is 70% build complete with final completion scheduled for Q4 2020. Apartment prices at Coda start from £525,000 for a studio; from £595,000 for a one bedroom; from £750,000 for a two bedroom; and from £1,375,000 for a three bedroom apartment. The marketing suite is available to view by prior appointment. For further information contact joint sole agents Savills and JLL at the Coda marketing suite on Tel: 0207 924 6077 or visit www.codalondon.com.