Autumn budget 2017

How does it effect you?

Senior Sales / Valuer

Ben Pottinger

From the 22nd November 2017, first – time buyers will no longer need to pay stamp duty on the purchase of a home up to the value of the first £300,000 of any home that costs up to £500,000. The change has happened with immediate effect and means that if your purchase is worth £300,000 or less you will pay zero stamp duty.

The move is aimed to take around 80% of first time buyers out of having to pay stamp duty whatsoever, obviously if you are fortunate to be able to afford a property over £500,000 as your first home you aren’t able to take advance of the offer.

First time buyers should be able to save on average around £1,700 in stamp duty due to the changes. The changes apply to purchases by first – time buyers in England, Wales and Northern Ireland, for Scotland there’s no change.

We have already seen a spike in interest in property’s advertised up to £300,000 and we fully expect this to improve into the new year.

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