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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