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CommunityDecember 11, 2017
Stamp duty changes for first-time buyers: what does it all mean?
Stamp Duty is changing for first-time buyers. This article from The Guild of Property Professionals puts the topic in the spotlight.
In the Budget 2017, Chancellor Phillip Hammond announced that Stamp Duty would be exempt for people buying their first property if it costs under £300,000. For first homes under £500,000, you won’t have to pay Stamp Duty on any the first £300,000, which will reduce the amount you need to save.
How much could you save?
•On a £300,000 home, first-time buyers won’t have to pay any Stamp Duty, instead of a £5,000 charge.
•For a £500,000 property, Stamp Duty will now be £10,000 instead of £15,000.
•If your first home costs over £500,000, you will not get a discount.
Watch this quick video to get a great overview of the changes and what they mean: