First-time property buyers are the winners of the Budget 2017
Some excellent news for property buyers, especially first-time-buyers, has been announced in the Budget 2017.
Stamp duty land tax (SDLT) is to be abolished for properties valued up to £300K, for FTBs.
Additionally, for FTBs buying properties of up to £500K in expensive areas, there will be no stamp duty charge on the first £300K. As such, they will only pay stamp duty on £200K worth of the purchase.
The changes to stamp duty, Chancellor Philip Hammond has said, will help first-time buyers get on the first rung of the housing ladder.
Mr Hammond will also seek to boost house-building through new powers and changes to planning rules in order to meet a target of 300,000 new homes a year.
Emma Hall, Head of Sales at GWlegal, comments:
“The decision by the Government to lower stamp duty is absolutely amazing news. If you are a first-time buyer, crack open the bubbly, as this announcement will save you thousands and thousands of pounds!
“Based on the decisions made in today’s budget, I would imagine that the currently turbulent and often sluggish property market could well and truly be set to boom, as we go forward into 2018.
“January and early 2018 could well be one of the busiest times for our team of expert property solicitors and advisors to date. We can’t wait to assist our clients, across the country, purchase their dream homes.”
Other winners among today’s budget announcements are young rail users and graduates.
HOUSING in the Budget 2017 - Key Points
- Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000
- In London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by first-time buyers will be exempt from stamp duty
- 80% of all first-time buyers will not pay stamp duty
- Long-term goal to build 300,000 homes a year by the mid-2020s
- £44bn in government support, including loan guarantees, to boost construction skills
- 100% council tax premium on empty properties
- Compulsory purchase of land banked by developers for financial reasons
- Review into delays in permitted developments going forward
- £28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area
- New homelessness task force