The latest research from Warwick Estates has revealed which pockets of the national new build market still offer homebuyers the opportunity of a stamp duty saving right up until the final September deadline.
While the initial stamp duty holiday for homes valued up to £500,000 has now passed, homebuyers purchasing up to the sum of £250,000 will still pay no stamp duty right up until the end of September.
However, it’s no secret that the new build market carries a property price premium compared to existing homes. In fact, the average new build house price is currently £348,298 in England, 30% higher than the average price for an existing property.
This would suggest that the average new build homebuyer may find it tricky to find a property that sits below the current and final stamp duty holiday threshold and at a regional level this may be the case.
Just two regions are currently home to an average new build house price below £250,000, the North East (£217,985) and Yorkshire and the Humber (243,791).
However, when analysing the market at local authority level, Warwick Estates found that there is still some hope. In fact, 23% of local authority districts in England are home to a new build average house price that still sits below £250,000.
The list includes areas from all over England including Northumberland, Plymouth, Great Yarmouth, Manchester, Ipswich, West Devon, Lancaster, Southampton, Liverpool, Scarborough, Norwich, Nottingham, Bradford, Gateshead and Stoke.
COO of Warwick Estates, Bethan Griffiths, commented: “New build homes will always attract a premium when compared to the wider market and so those looking to climb the new build ladder will always need a little more in the savings pot.
However, there seems to be a common misconception that new build homes are vastly unaffordable but as the figures show, the average new build home costs less than £250,000 across nearly a quarter of all areas in England.
So not only can a new build home be purchased at a relatively affordable price point, but those currently in the market for one have a good chance of still securing a stamp duty free sale.”