With immediate effect stamp duty will be abolished for all first-time buyers who are purchasing a home valued at up to £300,000. Likewise on properties with a purchase price up to £500,000, no stamp duty will be payable on the first £300,000.
The change is an added incentive for first-time buyers who will no longer have to pay the additional cost of stamp duty on top of their deposit, arrangement and legal fees, saving on average some £1,700.
There is some speculation that house prices could rise as the demand for property at the lower end of the market increases but, this must be tempered with the fact that first-time buyers still have to find approximately £30,000 for their deposit.
The chancellor’s announcement will provide an extra boost within the property market – so it is a great time to get your house on the market as people seek to make the most of these changes.
If you’re currently looking to buy or sell a property, and whether you’re a first-time buyer, second or third, we’re happy to help. Gilbert & Cleveland has been selling properties for over 25 years and we’ve helped all our clients navigate the ups and downs of property purchases. We provide a professional service with competitive fees and no hidden costs or budget surprises. Contact us today to find out how we can help.