Good News for First Time Buyers!
23rd November, 2017
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Stamp Duty cut for First Time Buyers!
Good news for first-time buyers after the announcement from the Government on 22nd November 2017, to abolish stamp duty for properties up to £300,000.
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
For those in London the first £300,000 of the cost of a £500,000 purchase by first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5% stamp duty charge
It is estimated that 95% of all first-time buyers will benefit, with 80% not paying stamp duty
Mark Hayward, Chief Executive, NAEA Property mark comments on the stamp duty reforms announced in the Autumn Budget:
"The announcement today from the Government to abolish stamp duty for first-time buyers will have a positive impact on the market. It's a smart move to ensure the dream of homeownership for young people can become a reality and will help buyers across the UK, including London and the South East where property prices are higher."