If you're worried about the latest Stamp Duty news, worry no more! You don’t have to pay it with us! One of the great perks of buying a residential park home at Merley Court is that you don’t have to pay Stamp Duty.
If you’ve ever bought a traditional home, you’ll know Stamp Duty can be a significant extra cost, and will be an even greater concern for home buyers after 1st April 2025 when the new stamp duty rates come into effect. For the majority of buyers (excluding first-time buyers), the initial Stamp Duty Land Tax (SDLT) threshold will be reduced from £250,000 to £125,000. The new rates will be 2% on the portion from £125,001 to £250,000, and 5% on the portion from £250,001 to £925,000. These adjustments will result in higher upfront costs for many home purchases.
However, it's important to note that these changes DO NOT affect residential park home purchases - these are classified differently to traditional brick-and-mortar homes, so SDLT doesn’t apply. That’s a nice chunk of savings right there, making park home living an even more affordable option!
On top of that, owning a park home comes with some other financial benefits. For example, council tax is usually set at Band A, which is the lowest rate, so your monthly outgoings could be smaller. Of course, there is a monthly site fee to consider, plus utilities and insurance, but even then, many people find the overall costs are less than owning a traditional house. Just keep in mind that regular mortgages aren’t available for residential park homes, so you’ll need to look at other financing options if needed.
For more information, check out our Fees & Finance page on our website and read our full guide to buying a residential park home at Merley Court.
All in all, if you are looking for a more budget-friendly way to live but you also want the beautiful location, then Merley Court ticks all the boxes!
