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Budget 2017 - F Barnes can help first time buyers

View profile for Joanne Druce
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F Barnes - Offering a Helping Hand with Conveyancing Fees as a result of the Autumn 2017 Budget

Phillip Hammond - Scraps Stamp Duty Land Tax on the first £300,000

There is some good news for all first time buyers in the Autumn 2017 Budget and we would like to add further support by offering discounted rates for first time buyers now finding themselves able to get onto the property ladder.

  • First-time buyers will benefit from a permanent stamp duty land tax (stamp duty) relief worth up to £5,000 saving on a property purchased at £300,000, with further relief on Stamp Duty up to £500,000.
  • All first-time purchases below £500,000 will benefit from the relief.
  • This will come into effect on Budget day and provides immediate support for first-time 

Previously, first-time buyers paid stamp duty on purchases above £125,000. On and after Budget day, stamp duty will be abolished for first-time purchases up to £300,000 – the largest ever increase in the point at which first-time buyers become liable for the duty – and they will pay £5,000 less on purchases between £300,000 and £500,000.  It will not apply on purchases above £500,000

For first time buyers there are huge financial restraints on finding an affordable property, they have to find larger deposits, have all the usual fees involved in completing the transaction together with the Stamp Duty Tax before they own 'the keys' to their lovely first home.

We welcome this move and would like to add further support by offering reduced fixed fees to first time buyers who have moved one step closer to owning their first home as a result of yesterday's budget.

For a quotation please contact anyone of our residential conveyancing team.

For a full breakdown of the HMRC Autumn Budget 2017 Stamp Duty Land Tax relief for first-time buyers please click HERE