Posted on 22.11.17
Philip Hammond has today announced in his Autumn Budget the abolishment of stamp duty for first-time buyers for homes below £300,000 in a bid to put Britain’s housing crisis at the heart of the budget.
The move will see the tax cut for 95% of first time buyers and abolish it altogether for 80% of them.
A breakdown of the new rates, which have taken effect immediately, 22nd November 2017 are as follows:
If you are a first time buyer of a residential property you can claim relief on purchases:
- made on or after 22 November 2017
- where the purchase price is no more than £500,000
You will pay:
- 0% on the first £300,000
- 5% on the remainder up to £500,000
|Stamp Duty changes for first-time buyers|
|Property price||Stamp Duty before budget||Stamp Duty now|
|>£125,000 (England and NI)||£0||£0|
|>£145,000 (LBBT Scotland)||£0||£0|
|£200,000 (England, Wales, NI)||£1,500||£0|
|Above £500,000||no change|
In his autumn statement Hammond, vowed to tackle the UK’s housing crisis by planning to build 300,000 extra new homes per year by the mid-2020s.
According to e Department for Communities and Local Government, home ownership has fallen in recent years, with 62.9% of the estimated 22.8m households in England being owner-occupiers in 2015-16. That is down from 70.9% in 2003.
Just 20% of those aged 25 own a property, compared with 46% two decades ago, according to the Local Government Association. Almost half of those aged 24 to 34 in England pay rent to a private landlord.
For existing Gorvins Clients…
If you are an existing First time buyer Gorvins conveyancing client and will be completing from 22nd November 2017 onwards, please contact your solicitor, as we will be removing the stamp duty from your house purchase as per the new rates shown above.
Get a Conveyancing quote…
If you are a first time buyer looking to purchase your first property, please contact us on 0161 930 5117 for a quote or use our conveyancing calculator to obtain a quote.