£120m residential scheme sees sales boom thanks to stamp duty holiday

A residential development in Outer London has seen the majority of its properties sold or reserved since the double stamp duty holiday was introduced.

Weston Homes’ flagship Denham Film Studios scheme has had over 30 of its four and five bedroom houses sold or reserved over the past few months, despite the disruption caused by the COVID-19 pandemic.

The £120m development, which is situated on a former film processing lot, has generated more than £20m in sales for the housebuilder.

In addition to the stamp duty holiday announced by the government earlier this month, Weston Homes is matching the amount that it would have cost as a further incentive to encourage sales.

Bob Weston, chairman and chief executive of Weston Homes commented: “The combined impact of pent-up demand being unleashed with the restarting of the housing market, our double Stamp Duty saving offer, and COVID-19 making buyers want homes with more space and gardens – this triple whammy has generated a flood of buyers wanting to relocate out of central London flats and into houses with private gardens.

“It has helped to generate over £20 million worth of houses sold and reserved at the Denham Film Studios, some 30 houses including the largest 3,310 sqft £1.35 million house located on a former film processing lot.

“There are now just a few remaining houses available for sale, then the entire development at Denham will be sold out.”