Scrapping of Stamp Duty Welcomed by First Time Buyers

Following today's Budget, Chancellor Philip Hammond has abolished stamp duty with immediate effect for all first time buyers, recognising that house prices are increasingly out of reach for many and in a bid to put an end to the UK housing crisis.

Mr Hammond said this meant 95% of first time buyers would see stamp duty cut, while 80% would pay none at all. No stamp duty will be charged for homes worth up to £300,000 which is a welcome boost for many people purchasing their first homes.

Victoria Marshall, Residential Conveyancing Solicitor at Pearson, commented, "this is great news for first time buyers. However, we expect it to be followed by a further increase in interest rates. Therefore, now is the time for first time buyers to purchase a new home".

"With the Help to Buy ISA, no stamp duty to pay and low interest rates, we are very excited for 2018 instructions".

Are you looking to purchase a new home? Talk to Victoria Marshall on 0161 785 3500 or email victoria.marshall@pearsonlegal.co.uk.

 

 

 

 

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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

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