Great news for first time buyers
Wednesday, November 22, 2017
Today’s Budget is great news for first time buyers as stamp duty is to be abolished with immediate effect for first-time buyers purchasing properties worth up to £300,000. Additionally, of particular importance in the South East where property is above average price, the first £300,000 of the cost of a £500,000 purchase by first-time buyers will be similarly exempt from stamp duty. This means that up to 80% of all first-time buyers will not pay stamp duty and is very welcome news – an early Christmas gift from the Chancellor, Philip Hammond.
The announcement, in today’s Budget, means a saving of up to £5,000 so will significantly boost the financial position of those aspiring to get a foot on the property ladder and own their own home. Along with “Help to Buy” options, current low mortgage rates and specific offers from developers, there’s every reason for first time buyers to look again at the range of properties available. For more information contact your local Frost office or start your property search here.