Budget: Stamp duty is abolished for first-time buyers on all properties worth up to £300,000
Stamp duty will be scrapped immediately for first-time buyers of homes below £300,000, as the Chancellor put Britain’s housing crisis at the heart of his Budget.
Philip Hammond said the move would cut the tax for 95 per cent of first-time buyers – and abolish it altogether for 80 per cent of them. Hammond further stated that, in London and other property hotspots, stamp duty would be axed on the first £300,000 of a purchase price up to £500,000 – an overall cut of up to £5,000.
HOW IS STAMP DUTY CHANGING?
- Up until today, first-time buyers paid stamp duty on purchases above £125,000.
- Hammond stated that raising the threshold to £300,000 will mean 80% of them pay no stamp duty
- They will also pay less on purchases between £300,000 and £500,000
- The reform applies in England, Wales and Northern Ireland
BUYING YOUR FIRST HOME – WHAT WILL YOU SAVE?
- Buying a property between £125,000 - £500,000 will save you money
- This is because up until yesterday there was a 2% stamp duty that applies on very pound above £125,000 that a home costs, up to £250,000
- A 5% band currently applies on the band between £250,000 - £925,000
Fraser & Co is currently sell Potato Wharf in Manchester which would be an ideal first-time buyers property. This iconic collection of 1 & 2 bedroom apartments offering village life within walking distance of one of Europe’s most vibrant and forward-thinking cities.
This development is starting from £205,000 up to 399,000.
- For the lowest price unit of £205,000 you will save £1,600 in stamp duty
- The highest valued units of £399,000 will save you £9,950 in stamp duty