Following the recent UK government announcements, the temporary cut to stamp duty is set to end on the 31st March 2025, which means it’s time for first time buyers to act in order to potentially save thousands before the tax comes into force. The stamp duty threshold will be reduced from £425,000 to £300,000 which will give first time buyers an additional tax liability, affecting affordability across several regions, with buyers in the South East expected to pay £4,240 in tax on a £384,804 average priced home.
Since July 2019, Barratt David Wilson Kent has delivered 477 homes in Kent which would be defined as affordable under the National Planning Policy Framework. This definition of ‘affordable’ encompasses a number of different tenures including: Social Rent, Affordable Rent, Shared Ownership, Discount Market Sale and now ‘First Homes’. Traditionally BDW Kent has partnered with a Registered Provider to rent or sell affordable housing and therefore do not specifically set the rents or sale price. However, there will be parameters with each local authority and planning permission that need to be adhered to, ensuring specific local housing needs are met across Kent.
To make stepping onto the property ladder more attractive to first time buyers in the local area, David Wilson Homes provides Discount Market Value Homes on various one bedroom apartments at its Spitfire Green development, from £149,000. These homes are sold 20% below market value, making a first time buyer’s ideal home more budget friendly. This opportunity is available to those who live, work or have a connection to Thanet.
Barratt David Wilson Kent also provides Deposit Unlock which has been devised in collaboration with lenders to enable first time buyers and existing homeowners to purchase a new build home with a 5% deposit on select homes. The housebuilder is offering this scheme at its Spitfire Green development on select two and three bedroom homes, priced from £198,995, requiring a £9,949 deposit.
Barratt David Wilson Homes has further launched a selection of shared ownership homes across a number of its Kent sites in partnership with shared ownership provider Heylo. Branded as ‘Home Reach’ the shared ownership scheme enables lower income buyers to purchase a percentage share of their home with a low 5% deposit. David Wilson Homes is currently offering this scheme at The Poppies on select two bedroom homes, starting from £150,000 with a 50% share. Heylo is also available at Barratt Homes Aylesham Park, The Woodlands and Martello Lakes, with prices starting at £87,498 with a 50% share for a one bedroom apartment at Aylesham Park.
Natalie Perry, Sales and Marketing Director for Barratt David Wilson Kent, commented: “Stepping onto the property ladder can be really tough for first time buyers, due to the costs that come with it, so it is important that we make sure there are affordable ways out there for buyers to consider when looking for their first home. Across Kent, we are offering a number of incentives to encourage prospective buyers to take the leap and step into the housing market.
“Finding the right home is so important, and it especially needs to be something you can afford in the long run. The pressures that first time buyers are facing ahead of the changes to stamp duty are quite daunting for anyone looking to buy their first home, but with our incentives there are lots of ways that buyers can feel supported when stepping on to the property ladder. All our incentives unlock access to homeownership, with deposits as low as 5%, so I would encourage anyone looking to move to Kent before the end of March to take a look at what we are currently offering and get in touch!”
