A rush of first time buyers as stamp duty is axed
Goodness – what a week we’ve had since The Chancellor announced he’d be removing stamp duty for first time buyers. Interest from such buyers has sky rocketed as a result, and we are delighted to reveal that last week we sold an apartment to the first buyer who has been able to take advantage of the tax saving.
One of the obstacles the UK housing industry faces is the substantial struggle faced by those trying to save for hefty deposits. Either renting or having to live at home, the dream of climbing onto the housing ladder has felt like less of a reality for many.
In response to this dilemma, Philip Hammond has removed stamp duty for first time buyers on purchases up to £300,000 with immediate effect. This will also apply to the first £300,000 value on properties worth up to £500,000 in major cities where property prices are more expensive. Which is just excellent news!
Streets such as Great Pulteney Street, The Circus and Rivers Street are proving really popular at the moment. The apartment we recently sold was located on Brock Street – where we achieved within our suggested price range for the owner, and the buyers saved themselves in the region of £2,500 in stamp duty.
Although the Government has announced various schemes over recent years to assist, I do think stamp duty is going to be a tremendous help for them.
We have many apartments that fit within the threshold, so do get in touch if we can help make your dream of owning your first home a reality too.