Budget Announcement: Good News for First Time Buyers!

For first time buyers, now is a wonderful opportunity to look for your first home after the Chancellor announced that stamp duty on properties under £300,000 has been abolished from 22 November 2017.

This means that for a first-time buyer looking at properties for £300,000, who would previously have faced a stamp duty bill of £5,000, will not have to pay anything.

If a property is worth between £300,000 and £500,000 stamp duty will not be paid on the first £300,000; the normal rates of stamp duty on the price above that. This therefore means a saving of £5,000.

So now, if you are a first-time buyer, it is an excellent time to look for your first property.  Or if you are thinking of selling a property below £500,000, there will be a higher pool of potential buyers who want your property.

If you have any questions get in touch with the team at V&H Homes and we will be able to give you all the help and support you need.