BUDGET UPDATE - Stamp duty is to be abolished for all first time buyers on properties bought up to £300,000 - BUDGET UPDATE - Stamp duty is to be abolished for all first time buyers on properties bought up to £300,000 Book a Property Valuation
THE DARTMOOR OFFICE, ASHBURTON: 01364 652652
THE TEIGN VALLEY OFFICE, CHUDLEIGH: 01626 852666
THE HIGH MOOR OFFICE, MORETONHAMPSTEAD: 01647 441104
ASSOCIATED PARK LANE OFFICE: 0207 079 1448

 
Blog November 24, 2017
     

BUDGET UPDATE - Stamp duty is to be abolished for all first time buyers on properties bought up to £300,000

The Chancellor has announced that stamp duty is to be abolished for all first time buyers on properties bought up to £300,000. In addition, first time buyers purchasing properties up to £500,000 will pay no stamp duty on the first £300,000.



In his Budget, Philip Hammond announced that 80% of first time buyers would pay no stamp duty at all. With 358,000 first time buyers in the last year, this means that at least 24% of all sales in the UK’s housing market are set to be charged 0% tax. Once other exempt sales under £125,000 are taken into account, this figure will be even higher.


Two thirds of properties bought so far this year across the country have been under the new threshold but there are large regional variations. In Wales and the North East, over 90% of sales in the last year have been over £300,000 while just 17% of sales in London were for less than £300,000.


While good news for first-time buyers, this will further squeeze investors in the sub-£500,000 market who are already suffering from increased taxes. What's more, it does not, give any encouragement to owners higher up the chain to downsize.

The True Cost of Selling your House in 2024: Everything You Need to Know

Streets ahead: The unique value of your property's address

Is now the right time to consider a fresh start in a new home?

HOW TO SPEED UP YOUR PROPERTY SALE

Check mortgage eligibility online