According to the budgets announced today, stamp duty for first time buyers will be abolished immediately, for properties of up to £300,000. For properties of up to £500,000, it has been agreed that stamp duty will not be paid for the first £300,000.
Chancellor Philip Hammond estimates that this change will result in 95% of first-time property buyers seeing a cut in the overall stamp duty they have to pay, and 80% would have nothing to pay at all.
The stamp duty change will apply to England, Wales and Northern Ireland until the end of March 2018, but has not been passed in Scotland.
Mr Hammond says, "This is our plan to deliver on the pledge we have made to the next generation that the dream of home ownership will become a reality in the country once again". He is insistent that the stamp duty cut will benefit young people greatly, despite opposition from The Office for Budget Responsibility (OBR), that says existing home owners may be the main beneficiaries following an expected 0.3% increase in house prices as a result of the change.
Are you a first time buyer looking to buy a home in the Poole or Bournemouth area? Our team of property specialists have the knowledge and expertise you can rely on to make your transition as smooth as possible. Contact us today on 01202 308899.