The Government’s extension of the stamp duty holiday has sparked a surge of interest at a new housing development in Lenham, where there is now just one home remaining that will be available to move into ahead of the new deadline.

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According to Jones Homes, there has been a spike in enquiries at Westwood Park, off Ham Lane, since the announcement that buyers would get an extra three months in which to benefit from the scheme.

In the March Budget, Rishi Sunak announced the three-month extension as part of a package of measures to help bolster the economy.  The move will see homebuyers across the country save up to £15,000 on the cost of moving until 30 June.

This will be followed by a three-month transition period in which the £500,000 tax threshold will be reduced to £250,000, before returning to the usual level of £125,000 from 30 September.

Sara Stanhope, Sales and Marketing Director for Jones Homes Southern, said: “Since the announcement we have had a fresh wave of enquiries from house-hunters keen to buy a home before the new deadline.

“The announcement appears to have acted as a strong incentive to those house-hunters who thought they had missed the boat, with many taking the final opportunity to benefit from the savings afforded by this extension.”

Before the stamp duty holiday was introduced in July 2020, homebuyers paid no stamp duty on homes worth up to £125,000, two per cent on the value of their home priced between £125,001 and £250,000, and a further five per cent between £250,001 and £925,000. This meant buyers purchasing a home for £500,000 faced a stamp duty bill of £15,000.

Prior to the stamp duty holiday, first-time buyers were exempt from the tax on homes priced up to £300,000.

The Bayswater is the final home available to purchase at Westwood Park under the stamp duty holiday extension. The four-bedroom home is available from £580,000, meaning a stamp duty saving of £15,000 if purchased before the end of June.

For more information, visit jones-homes.co.uk.