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12 September 2008

Barratt offers incentives to new home buyers

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by Lin Freestone

Barratt offers incentives to new home buyers

Barratt, the UK’s largest housebuilder which has just recorded a 14% fall in house sales and a 68% drop in profits, is offering incentives to new home buyers.

Following on from the government’s decision to implement a stamp duty holiday on properties up to a value of £175,000, Barratt is offering to pay the 3% stamp duty charged on new Barratt homes worth between £250,000 and £300,000.

This initiative could save buyers up to £15,000 on the purchase.

In addition, Barratt will pay the 1% levy imposed when buyers select a home worth between £175,000 and £250,000.

The incentives offered also include the promise to refund any losses on a home bought between now and Christmas if the buyer sells at a loss in the next three years. This would be up to a maximum of 15% of the value of the property.

The deals are available until the end of the year on selected properties only. It is speculated that this may exclude most developments in London and the South East, which is Barratt’s best-performing region.

In London, Barratt has sold the majority of a luxury home development in Hampstead. Twelve properties went on sale in March for between £3m and £11m, and 11 of these have been sold.

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