Abolishment of Stamp Duty for most First Time Buyers

Stamp DutyToday the Chancellor of the Exchequer announced that from the 22nd November 2017, Stamp Duty would be abolished for first time buyers on properties up to £300,000 and also on the first £300,000 on properties up to £500,000 in much more expensive areas.

So what does that mean in Monetary terms ??

Below are some examples:

New Stamp Duty example - November 2017

The changes apply to purchases by First-Time Buyers in England, Wales and Northern Ireland.

HM Treasury estimates the move, which was announced in today’s Budget and applies from today will mean 80% of first-time buyers avoid paying stamp duty altogether.

So who is classed as a first time buyer ?

Anyone who hasn’t owned a property before, whether bought or inherited.

If you’re a first-time buyer jointly purchasing a home with a non-first time buyer, then sadly you WON’T qualify for the first-time buyer rates. You both need to be first-time buyers.

This is a positive move from the Government and means First Time Buyers can make immediate saving in the house buying costs.

Along with the great interest rates being offered by the lenders this is a great time for First time buyers to get on the housing ladder.

So if you are a First Time Buyer wanting to know what options are available give us a call on 0161 706 0242.