Stamp Duty Abolished for First-Time Buyers | Grace Homes

Stamp Duty Abolished for First-Time Buyers

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.

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Call for more information 01536 740019

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