Dreaming of buying your first home? Well, it just got a little bit easier thanks to the news in last week’s Budget that first time buyers no longer have to pay Stamp Duty. This could save you thousands, so let’s have a closer look…
This is a great place to start! 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.
The rules relating to Stamp Duty changed in the latest Budget. Previously, everyone had to pay Stamp Duty, however it no longer applies to first time buyers in England, Wales and Northern Ireland for homes under the value of £300,000. Great news!
Basically, this could save you thousands of pounds and is one less thing that you have to save for when buying your first home. It’s predicted that this change will impact 80% of those people currently trying to get onto the property ladder.
Additionally, if you’re a first time buyer and your home is priced between £300,001 and £500,000, you will not be required to pay Stamp Duty on the first £300,000. You’ll just need to pay 5% on the remaining £200,000.
If your new house is priced above £500,000, the Stamp Duty charges will still apply.
These changes are just for first time buyers but there’s more information about Stamp Duty here.
Good luck with your house search and just call one of our sales teams if you have any other questions!