People buying new homes at The Chocolate Factory in Greenbank, Bristol will be the first in the country to benefit from the Chancellor’s decision to extend the Stamp Duty Holiday by three months and introduce a new mortgage guarantee scheme.

New homes being created on the former Elizabeth Shaw Chocolate Factory site, which has lain derelict for 16 years, will be ready to move into in the next few weeks.

The finishing touches to an attractive terrace of three-bedroom homes with south-facing gardens along Co-Operation Road are being completed with buyers set to just miss out on the Stamp Duty holiday until the extension was declared.

Jason Schofield of developers Generator Group South West said: “With Covid restrictions people have found it a slower process to find a new home and get all the necessary mortgage and conveyancing in place so we had little chance of our buyers benefitting from the Stamp Duty Holiday.

“Now our purchasers at The Chocolate Factory site will benefit from this. In common with many in the industry we are happy to see a tapering of the Stamp Duty relief rather than a cliff edge, which creates a false deadline in the market.

“The moves to help first time buyers with deposits of just 5% to get on to the property ladder are also welcome. It will particularly help younger people, who have been finding their ability to save for a deposit is being outpaced by rising prices.”

With prices from £395,500 the new rules mean that first time buyers will save around £5,000 Stamp Duty and those who have previously owned a property will save around £10,000 buying at The Chocolate Factory.

Generator South West insisted on the development including thirty-six shared ownership homes, despite a planning ruling saying they did not have to provide them. These are being offered by housing association Abri through their selling agents CJ Hole.

Said Jason Schofield: “The Chocolate Factory has been carefully planned to provide a community, with a mix of homes, workspace, community facilities and some retail facilities – all alongside the Bristol and Bath Railway Path.

“Greenbank has a great community spirit and plenty of green spaces and has been a bit of a hidden gem in Bristol for many years. It’s no surprise we are not only seeing interest from people who already live in the neighbourhood but need more space and don’t want to leave the area, but also from people looking to trade up from an apartment to their first house.”

Residential sales are being handled jointly by CJ Hole’s Redfield office and Savills’ New Homes department.

To find out more or to book an appointment for the visitor centre, show apartment or look around the new at the development contact 0117 374 6600 or email enquiries@chocolatefactorybristol.com