In the Autumn budget of 2017, the government announced some great news for first-time buyers to make purchasing a first home even more affordable.
The decision was taken to remove Stamp Duty on properties up to the value of £300,000 for first-time buyers – meaning that owning that dream first home is much more of a realistic prospect for many who might not have been able to afford it.
Stamp Duty is the tax that is added to the cost of buying a property by the government when a purchase is made.
As part of the purchase process, a change in the ownership of the land has to be legally registered at the Land Registry – requiring a certificate from HMRC. This certification can only be issued once Stamp Duty is paid for the property. In normal circumstances, if Stamp Duty isn’t paid, then a purchase cannot be completed.
The government took the step to remove Stamp Duty for first-time buyers to make owning a new home more affordable, however for existing homeowners, Stamp Duty is still payable on properties valued higher than £125,000.
And with the government-funded Help to Buy equity loan scheme still available, first-time buyers can move into a new home with just a 5% deposit.
So if you’re a first-time buyer, there’s never been a better time to get onto the property ladder. For more information about all of our developments, visit www.peverilhomes.co.uk or call 01773 880550.