Government announces fantastic news for first-time buyers
In the Budget 2017, the UK Government has announced its new changes to stamp duty land tax. The revised document states that first-time buyers, purchasing properties worth up to £300,000, are now exempt from the tax, and will no longer have to pay stamp duty.
This is great news for individuals wanting to get on the property ladder, as the change means that savings of up to a whopping £5,000 on a £300,000 home can now be made.
The cut was announced on Thursday 23 November, and it is expected that this will encourage more people to think about purchasing their first property, as Stephanie King, Sales Director at Davidsons Homes, comments: “Here at Davidsons, we’re really excited about this announcement. Axing stamp duty for first-time buyers has made the property market far more accessible, and we can only hope that it’ll encourage more people to purchase their first home.
“The news also comes at a great time. Winter is the time where you do want to spend more time indoors in the warmth, so many couples and families up and down the country will be making really important considerations about their homes. Of course, the timing also acts as a perfect early Christmas present, and this is something we will definitely be promoting. The news really will be a great gift for a huge portion of the country who were previously alienated from the property market due to the additional tax.
“We have lots of beautiful homes on offer here at Davidsons, and we’re most certainly looking forward to pairing more people up with their own perfect home.”
For first-time buyers wanting to start a search for their first stamp-duty-free home, view Davidsons’ beautiful homes here: www.davidsonsgroup.co.uk.