Monday, 27 September 2021

Buyers feeling benefit of stamp duty tweak

Buyers feeling benefit of stamp duty tweak

SOME 60,000 first-time buyers have benefited from the stamp duty exemption announced in the government’s autumn budget, according to chancellor Philip Hammond.

Under the new rules, first-time buyers purchasing homes under the value of £300,000 are exempt from paying stamp duty, while those who are buying in London and other expensive areas will not pay tax on the first £300,000 of their purchase on properties up to the value of £500,000.

Figures reported by Halifax in January of this year echo the chancellor’s spring statement, which shows a six per cent annual increase in the number of first-time buyers making a purchase — meaning the number of first-time buyers has reached a 10-year high.

In November the government predicted that the change to stamp duty would benefit up to 95 per cent of first-time buyers and, if these early stats are anything to go by, it is clear that it has already had a positive impact on the housing market.

Managing sales director at Romans, Antony Gibson, said: “The change to stamp duty was great news for first-time buyers, who are now able to divert these funds to their deposit or bring their purchase dates forward.

“Low mortgage rates, high employment and Help to Buy have all supported young people in getting on the ladder and so, I expect the trend for rising numbers of first-time buyers to continue through 2018 and beyond.

“First-time buyers are incredibly important to the overall housing market as they allow existing owners to sell up and take their second step. Despite a lack of supply, the fact first-time buyers are increasing in number is extremely positive.”

To find out more about the stamp duty exemption or any of the other help to buy schemes, call Romans on 01344 985666 or visit the firm online at www.romans.co.uk

Established in 1987, Romans is one of the South East’s largest property groups and can be found on Facebook at www.facebook.com/
romansestateagents

A Romans spokesman said: “We provide a full range of property services, so whether you are interested in buying or selling, renting or letting, town planning or mortgage advice, you are safe in the knowledge that whatever your requirements, we can deliver.”

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