There is some exciting news for those looking to buy their first home as Stamp Duty has been scrapped for properties up to £300,000. The Chancellor Philip Hammond has outlined plans to help young people looking to buy a home in the Autumn Budget.
The drop, only for first-time buyers, has been set in place by the government in the hope that it will give hundreds of thousands a better chance to get on the property ladder and own their home. The Chancellor said: "It takes too long to save a deposit and rent absorbs too much of a monthly budget."
Stamp Duty Land Tax is the payment anyone has to make when buying a property over £125,000 and the amount paid is influenced by the value of the property which is being purchased.
To put this into perspective if a first-time buyer is looking to make a purchase of a £200,000 property they would have had to fork out an extra £1,500 in fees. Take a look at our handy stamp duty calculator and see how much you will now be saving: www.milesandbarr.co.uk/buy/calculate-stamp-duty
Due to the high price of stamp duty there have been many people who have had very little or no chance of getting onto the property ladder.
If you would like to find out more about buying your first home give us a call on 01227 626444, email us here or visit: http://www.milesandbarr.co.uk/mortgage-advice/steps-to-buying-a-house-for-the-first-time