Good News for First Time Buyers and Stamp Duty
The Chancellor has just announced that from midnight tonight first time buyers will not have to pay stamp duty on properties costing upto £250,000. This will save 1% of the purchase price for those that would have paid over £125,000 for a property. Therefore on a purchase of a property costing £150,000 a saving of £1,500 will be made. It’s a shame it is not for all homemovers as that really would have helped the housing market.
Yup, it is great news, however, I totally agree…I myself am purchasing a new house in May. As I am not a first time buyer, I am having over £2k worth of stamp duty chages added (wish i was a first time buyer)
Hi Andrew
It would have been a good thing for stamp duty to have been scrapped for everyone for at least a year on properties up to £250,000 but I guess there is not enough money in the coffers for the Chancellor to do that. I just hope that first time buyers will get some decent mortgages if they have a small deposit.
Thanks for commenting.
Roland
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