BANKING on financial support from family members to buy a brand new home, could be a thing of the past for those purchasing a property on the Staffordshire-Shropshire border.
Financial contributions from parents and grandparents towards home purchases amount to a massive £6 billion a year, with the amount offered increasing.
Meanwhile, new Prime Minister Boris Johnson is said to support switching Stamp Duty so that the seller pays.
The “bank” of Elan is stepping in to help in a move that could rival the terms of support from the “bank of mum and dad” by offering to cover the cost of Stamp Duty on selected homes at Brook Meadow in Loggerheads.
Marie Morris sales director for Elan Homes in the North, said: “The idea that the seller should pay the Stamp Duty isn’t a new one, but because we understand that not everyone is fortunate enough to receive support from relatives when buying a home we’re stepping in to help buyers
“We are not only offering to cover the cost of Stamp Duty on selected properties at Brook Meadow, we will also contribute towards the deposit and legal fees and include carpets throughout and turf to the rear garden. Based on the three-bedroom Ripley it equates to a saving of around £10,000 and just like many parents, we won’t be asking for the money to be repaid!”
Brook Meadow offers a choice of three, four and five-bedroom homes, with prices from £224,995 to £449,995.
Situated in the village of Loggerheads, the development is four miles from Market Drayton and around 30 minutes’ drive from Stafford, Stoke-on-Trent and Telford.
“Homes priced under £300,000 are Stamp Duty exempt for first time buyers, but with Elan covering the cost of that and more they may be able to purchase a larger property than they realised,” Marie added.
There are two properties available to view at Brook Meadow – a professionally styled and fully furnished Stratford show home and a finished example of the Brandon house type. Both are four-bedroom detached designs.
All of the homes feature Elan’s high specification as standard, with opportunities for purchasers to choose the finish of the kitchen, bathroom and other features of their home, subject to build stage.
To find out more about the help being offered by the “bank” of Elan, visit Brook Meadow is open Thursday to Monday from 10am to 5pm. For more about the development call 01630318092 or see https://www.elan-homes.co.uk/developments/brook-meadow.