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What do the new Stamp Duty changes mean for first-time buyers?

16th January, 2018

Kelly Holmes

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.

https://youtu.be/DGx6cT-uQTg

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 

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