Chancellor announces zero stamp duty. About time too ...

22 November 2017  |  Admin  |  0 Comments

An excellent decision to help buyers take their first steps to property ownership.

There’s some good news in the November Budget for first-time buyers in England, Wales and Northern Ireland, with the abolition of stamp duty for first-time buyers purchasing a home up to £300,000. Property purchases between £300,000 and £500,000 will still attract stamp duty, but it will cost almost half as much as previously. The BBC’s business presenter, @robyounguk, has prepared a handy table breaking down the stamp duty payable before the budget and from 22 November onwards.

According to the Chancellor today, this should mean that 80% of first-time buyers will pay no stamp duty at all.

The change will apply in England and Northern Ireland, and in Wales up until the end of March, but not in Scotland.

Estate agents estimate that the average stamp duty bill for first-time buyers is about £2,700, with variations nationwide, meaning a massive saving that can be put towards the deposit instead.

This is also welcome news for sellers up the property ladder, as properties become affordable to first-time buyers and allows movement right up the chain.

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