A Southampton-based house builder is bringing forward the development of 280 new homes after reassurance from the government’s reform on stamp duty…

Crest Nicholson will soon be working on the next phase of development at Centenary Quay, including 128 in the next year.

The company has also found by new analysis that the reforms will save buyers in the Southampton area over £1,660 per transaction, therefore increasing demand.

The news comes as Chancellor of the Exchequer George Osborne met homebuyers at Crest Nicholson’s Centenary Quay development in Southampton.

Chancellor of the Exchequer George Osborne thought the news was great for Southampton.

“Not only are Crest Nicholson building more homes quicker but buyers will also see real cash saving when they purchase a house,” the Chancellor said.

“Stamp duty was one of the worst designed taxes and acted as a brake on aspiration for those who wanted to get on or move up the housing ladder. The new system means there will be tax cut for 98% of homebuyers who pay stamp duty.

Debbie Aplin, Managing Director of Crest Nicholson Regeneration Debbie Aplin felt the recent changes to the stamp duty system were extremely welcome.

“These reforms will undoubtedly boost activity in the housing market, re-stimulating building rates and enable us to drive the rate of sales back to pre-recessionary levels,” she said.