What do the new Stamp Duty changes mean for first-time buyers?
16th January, 2018
On 22nd November 2017 the government announced to abolish stamp duty on properties up to £300,000 for first-time buyers. The Guild of Professional Estate Agents have put togeather a useful video to show the changes to Stamp Duty for First Time buyers.
Stamp duty 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, 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