Dreaming of buying your first home? Well, it just got a little bit easier thanks to the Autumn 2017 Budget that first time buyers no longer have to pay Stamp Duty in England. This could save you thousands, so let’s have a closer look…
Stamp Duty is the tax charged by the Government when you buy a home. The rate at which you'll pay the tax varies based on the price you pay for your new property.
As a First Time Buyer, someone who has never owned a property or has not owned a primary residence for 3 years, there's no Stamp Duty on homes up to the value of £300,000, which could save you anywhere up to £5,000. If you're buying one of our homes between £300,000 - £500,000 you'll pay 5% of this amount.
From the 1st April 2018 first time buyers in Wales will lose the exemption from Stamp Duty. It will be replaced by a new Land Transaction Tax and new tax rate bandings have been introduced. The higher zero tax threshold of £180,000 should benefit many first time buyers in Wales.
Please visit www.gov.uk/stamp-duty-land-tax or speak to a Sales Consultant for more information.