First Time Buyers Buying Now and Saving
January 23, 2019
Figures from HMRC have shown that in excess of 180,000 first time buyers have saved £426 million since stamp duty relief on purchases up to £300,000 was introduced in the 2017 Autumn Budget. This has since extended to first-time purchases up to £500,000 where no stamp duty is paid on the first £300,000 and 5% on the rest of the transaction as well as, more recently, first-time buyers of approved shared ownership schemes.
What these statistics show is that 180,000 people who may have struggled to get on the property ladder in the first place are now homeowners. First initiatives such as Help to Buy and Lifetime ISAs are further boosting the chances of first-time buyers being able to purchase quicker than before.
In order to qualify for the relief you must:
- Not unsurprisingly, be a first-time buyer having never owned a previous house. Importantly, if a couple are purchasing a house and one party has previously owned a house then stamp duty will be payable;
- Use the property as your “main dwelling”;
- Purchase a property under £500,000.
With so much already being saved by first-time buyers around the country, now is the ideal time to take advantage of this break whilst it is in place. Call us on 0161 925 3255 for advice on starting your property search.