Stamp duty axed for most first time buyers

Chancellor Philip Hammond has announced in his Autumn Budget that he will be abolishing stamp duty for all first time buyers making home purchases worth up to £300,000, with immediate effect. First time buyers purchasing properties costing £300,000 to £500,000 will also see a reduction in the amount they pay.

This will benefit 80% of first time buyers in London and 95% first time buyers who pay stamp duty. According to the statement published on HM Treasury website, this means that the stamp duty bill of the average first time buyer in London will nearly halve from £10,500 to £5,500.

The relief is expected to help over a million first-time buyers to get onto the housing ladder over the next five years.

If you are thinking about buying your first home, or if you have any questions in relation to a conveyancing matter then please contact our Head of Conveyancing, Jagruti Raval on 0208 427 5656 or Jagruti.raval@garsideandhoy.co.uk

 

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