Stamp Duty changes for First Time Buyers
Novembers budget saw big changes for first time buyers. The government have recognised that for some buyers it is a real struggle to scrape together enough cash for a deposit and conveyancing fees and have abolished the stamp duty for many first-time buyers by increasing the threshold to £300,000. This is expected to create a saving for 80% of first time buyers, as much as £5,000.
To qualify for the first-time buyer saving you must have never owned a freehold or leasehold property before and the property being purchased must be your main residence. With government equity loan schemes, Help to Buy on some new developments and Help to Buy ISAs available at many high street banks and building societies there has never been a better time to get on the property ladder. At Armitstead Barnett we are receiving more instructions to sell properties to exactly these kinds of buyers, including new and second-hand homes