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 will pay 5% on the amount of the purchase price in excess of £300,000.
For example: On a purchase price of £350,000, you’ll pay 0% on the first £300,000 and then pay 5% on the remaining £50,000 – that’s total of £2,500 in Stamp Duty to pay!
Unsure on what to pay? Calculate your Stamp Duty here.
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.