The Chancellor Phillip Hammond announced in todays 2017 Autumn Budget, that stamp duty would be cut for all properties up to £300,000 to assist first time buyers (FTB). This will save many first time buyers up to £5,000.
As the first £300,000 of the property price will not be subject to stamp duty, those spending up to £500,000 will also benefit, compared to previously when tax was paid on all purchases over £125,000.
The stamp duty cut is part of a range of measures being put in place to address the UKs housing crisis; measures to provide more homes and reverse the recent decline in home ownership.
If you are a first time buyer and would like some advice on how the stamp duty cuts affect you personally, then get in touch with our team of experts to discuss the cuts further and how we can assist you in securing your first property purchase – email@example.com / 020 8088 0842.