Buying a property is a big decision, with many hidden costs or additional fees to take into consideration before you make that step. With the announcement from The Chancellor at the end of 2017 that some Stamp Duty fees were to be removed for first time buyers, this has paved the way to make it a more affordable prospect of getting on the property ladder this year!
One of the barriers that have faced first time buyers in the UK housing market until now has been the significant struggle faced by those trying to save for sizeable deposits. Help to Buy schemes have helped in achieving their goals to purchase their first home, but until now, Stamp Duty taxes have remained a big hurdle for many.
Philip Hammond has now announced that the stamp duty tax will be removed for first time buyers on purchases up to £300,000 with immediate effect, including the first £300,000 value on properties worth up to £500,000 in major cities where property prices are more expensive.
With this decision, many first time buyers will find themselves in a position where they can actually realistically look to making that first property purchase, allowing around 80% of first time buyers to be exempt from paying stamp duty. This is great news for 2018 and will be sure to proceed by an influx of first time buyers seizing this fantastic opportunity.
It is also predicted that house prices will increase by 0.3% in the first year which is also good news for existing property owners. It remains to be seen the impact of these changes across the housing industry but it will in no doubt change the playing field somewhat.
If you are a first-time buyer and are looking into your first property purchase and would like some advice, contact us on 01608 651608 or via our enquiry form, where one of our knowledgeable financial advisors will be happy to assist you.