INDUSTRY NEWS 5
39pc of buyers likely to pull out after March stamp duty deadline
Half of current homebuyers would pay the stamp duty owed on their purchase if it meant completing now and avoiding the current market backlog, while 39 per cent plan to pull out of their purchase if they miss the 31 March stamp duty deadline, according to recent research. The survey of 3,717 people by Yes Homebuyers found that those who have seen their property purchase delayed due to the current market backlog have been impacted in a number of ways. 68 per cent of those with transactions delayed stated it has “added stress to an already stressful life experience,” said Yes Homebuyers, while 34 per cent of delayed homebuyers have had to make alternative living arrangements because of the backlog.
24 per cent have seen their sale fall through as a result of the current market backlog, while 35 per cent have had to increase their offer just to keep the seller from pulling out. However, the majority “continue to
keep the faith that they will complete before the end of March,” said Yes Homebuyers. 69 per cent stated that they would carry on as normal and hoped to complete in time when asked what they would do to secure a stamp duty saving. 14 per cent would buy a more affordable property if it meant completing in time, with 9 per cent stating they would buy a more expensive property. When asked what they would do if they do miss the deadline, 39 per cent stated
they would cancel their purchase, while a further 27 per cent said they would have to borrow more money to pay for the stamp duty.
Despite remaining largely hopeful about completing in time, 45 per cent of respondents said they would pay full stamp duty costs on their purchase if it meant they could complete now and avoid the market backlog. This is despite the fact that they may still complete in time to secure a saving. Worryingly, 27 per cent of those asked regret their decision to buy and, had they known, they would have waited until after the market backlog had cleared before buying a house. Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “As with most poorly thought out government rescue plans, the stamp duty holiday has done an outstanding job of fuelling demand, while completely neglecting how the market will actually deal with such an uplift.”
which have already been successfully trialled in the North East of England. CoreHaus will now be able to expand production and perform a greater scope of work, including the assembly of steel frames that is central to its modular homes. The company’s five-year plan will see CoreHaus producing 1,000 modular homes a year.
Managing director of CoreHaus, Scott
CoreHaus launches its first UK modular factory
Modular housebuilder CoreHaus is opening its first UK manufacturing site at a County Durham business park as part of its scale-up plans.
The builder has secured a 20,000 ft2 unit at Jade Business Park, in Murton near Seaham, and recruited a skilled team to start production of its modular homes,
Bibby, commented: “With such a great facility situated in the heart of the north east and at such a competitive rate, it made perfect sense to set up our manufac- turing site at Jade Business Park. “County Durham has a highly skilled and rich labour market which we have already begun to take advantage of. This has allowed us to employ a diverse, highly competent and experienced team from the surrounding area which will allow best practice from multiple industries to be deployed into our products.” CoreHaus is a joint-venture company between Newton Aycliffe based Carlton & Co Group, the parent company behind North East-based Homes by Carlton, and national social enterprise Fusion21, specialists in public procurement for the built environment based near Liverpool.
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