The Budget provided first-time buyers with some good news after the Chancellor abolished stamp duty for those buying their first homes up to a value of £300,000.
But what does this saving mean for you?
Let's use the three-bedroom Ashby (plot 14 at White Lodge Farm) as an example. It is currently for sale for £265,000. Prior to the Budget, the stamp duty you would have paid was £3,250. Now, assuming you are a first-time buyer, you will no longer pay any stamp duty.
For homes priced between £300,000 and £500,000, first-time buyers will also benefit from a reduced level of stamp duty. Using the three-bedroom Cottesbrooke home (plot 8 at White Lodge Farm) as an example, if you are a first-time buyer, the stamp duty payable on this £335,000 home will now be £1,650, instead of £6750. This means a reduction of more than £5,000.
To calculate the stamp duty for a particular property you can use the HMRCs calculator. Alternatively, give us a call on 01536 740019, and we'll be happy to help.
The Budget provided first-time buyers with some good news after the Chancellor abolished stamp duty for those buying their first homes up to a value of £300,000.
But what does this saving mean for you?
Let's use the three-bedroom Ashby (plot 14 at White Lodge Farm) as an example. It is currently for sale for £265,000. Prior to the Budget, the stamp duty you would have paid was £3,250. Now, assuming you are a first-time buyer, you will no longer pay any stamp duty.
For homes priced between £300,000 and £500,000, first-time buyers will also benefit from a reduced level of stamp duty. Using the three-bedroom Cottesbrooke home (plot 8 at White Lodge Farm) as an example, if you are a first-time buyer, the stamp duty payable on this £335,000 home will now be £1,650, instead of £6750. This means a reduction of more than £5,000.
To calculate the stamp duty for a particular property you can use the HMRCs calculator. Alternatively, give us a call on 01536 740019, and we'll be happy to help.
Read more News Articles