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.
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|