Stamp duty has been abolished for first-time buyers on homes worth up to £300,000, while for first-time buyers in more expensive areas like London, no stamp duty will be payable on the first £300,000 of the purchase price of properties worth up to £500,000.
These changes to stamp duty for first-time buyers will take effect from the day of the Budget – 22nd December.
Chancellor Philip Hammond declared that he wanted the UK to be a place where “the dream of home ownership is a reality for all generations”.
The change to stamp duty announced in the budget will mean that 80% of first-time buyers will not have to pay any stamp duty, while there will be a stamp duty cut for 95% of first-time buyers.
Stamp duty has proved more of a problem in high-priced areas such as London, slowing the market and discouraging people from moving and buying new homes.
However, though the changes to stamp duty will help many first-time buyers in Wimbledon and others across the capital, high rents will continue to make it difficult for potential first-time buyers to save for a deposit.
Meanwhile, the supply and demand issue of not building enough homes continues. In addressing this, the Chancellor pledged to set aside a £44 million investment package to support the building of 300,000 homes per year by the mid-2020s.
In addition, local authorities are to be given the power to double council tax for those properties which are left empty.
For more information on the Autumn Budget 2017, click the link below:
