It was in the recent Budget that Chancellor Philip Hammond announced that Stamp Duty for First Time Buyers would be scrapped on properties up to £300,000.
The move comes after there has been widespread news about the difficulty young people face when trying to get onto the housing ladder.
It was widely anticipated that there would be some announcement in regard to Stamp Duty in the Budget as the housing shortage in the country also looks to be addressed.
For First Time Buyers, outside of London, a house purchase will be free of Stamp Duty on properties worth up to £300,000. Those looking to buy in the more expensive region of London, properties will be free of Stamp Duty on properties up to £500,000.
The rates of Stamp Duty range from 2% to 10% and the removal of this hurdle for First Time Buyers will give them a much needed helping hand to owning their first property.
The figures are expected to see 80% of First Time Buyers having to pay no Stamp Duty at all whilst 95% of First Time Buyers would see a reduction in Stamp Duty costs.
The change will apply to England, Wales and Northern Ireland up until the end of March 2018 but not in Scotland, where they have their own system when it comes to Land Tax.
So, with this news, if you’re a First Time Buyer, there really is no better time to look at betting on the property ladder. You’ll be wanting to find the perfect mortgage to assist you in the purchase and that’s where we can help. Give us a call today on 03333 448511 or email us at firstname.lastname@example.org