We Welcome the Stamp Duty Statement

Mark Lewis
By Mark Lewis

November 2017

The government’s budget delivered on 22 November has given first time property buyers a boost with a change to the stamp duty levied on purchasers.

We Welcome the Stamp Duty Statement

Mark Lewis head of agency at Symonds & Sampson says “We were hoping that the extra 3% charged to investors would be abolished, as there is a chronic shortage of properties to rent in our region, and rents are being pushed up as a result of strong demand against low supply.

“This statement which abolishes stamp duty for first time buyers on homes up to £300,000, however, is welcome news and a saving of, for example, £5,000 should ‘unlock the dream’ and help younger people buy their new home.

The savings will be:

Purchase price Old stamp duty New stamp duty
£200,000 £1,500  £0
£300,000 £5,000 £0
£400,000 £10,000 £5,000
£500,000 £15,000 £10,000

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