Philip Hammond today permanently abolished Stamp Duty for first-time buyers purchasing properties up to £300,000 and in high-priced areas on the first £300,000 of houses worth up to £500,000. The change kicked in at one minute past midnight today, says the Treasury briefing paper. It says: “To ensure that all first-time buyers purchasing a house on Budget day benefit and to avoid disruption, the relief will take effect from Budget day (00:01 hours November 22nd).”
With todays welcome news from the budget permanently abolishing stamp duty, we take a quick look at what different generations have had to spend on housing costs in the UK over the years;
First time buyers are the ones who often stimulate the rest of the housing market so here at Newton Fallowell we believe this is good news for everyone considering selling a property and especially those buying for the first time.
If you are a first time buyer and would like to research the costs involved with moving, our specialist mortgage adviser Rachel Cornes is on hand for a chat. Call her on 01509 610710 to arrange a convenient time.