In today’s Budget, the Chancellor announced a welcomed Stamp Duty Land Tax (SDLT) break for first time buyers, abolishing this tax for residential property purchase up to the value of £300,000. It is worth noting that officially a First Time Buyer (FTB) is someone who has not previously purchased a property at any time in the past, anywhere in the world.
According to his statement up to 80% of all first time buyers will now be exempt from this housing tax. So will this have any impact on the rest of the housing market? Well, maybe. When moving home most property transactions end up in that dreaded ‘chain’ where a number of transactions become dependent on each other. If this tax break encourages more First Time Buyers to enter the property market, then maybe more homeowners will cash in and try and get more value for their buying power while interest rates are still low – only time will tell!
At Gepp & Sons we have one of the most established and proactive residential conveyancing teams there is, helping countless clients move successfully. If you are a first time buyer and would like an indication of the legal costs when moving home please CLICK HERE or contact our New Business Team on either 01245 343940 or firstname.lastname@example.org
For further information on the today's budget and its impact on the housing market please CLICK HERE
This is not legal advice; it is intended to provide information of general interest about current legal issues.