The Chancellor Philip Hammond saved the best bit in his Autumn Budget to last when it came to the property market in Leicester.
Following more than an hour of outlining his financial vision for the country he grabbed the headlines by finishing with the announcement that Stamp Duty is to be abolished for first time buyers purchasing homes up to the value of £300,000.
In more expensive areas, such as London, the first £300,000 of any purchase up to £500,000 will not be subject to Stamp Duty.
It’s worth pointing out it’s not a temporary measure as the Chancellor made it clear this was a permanent move which came into effect at 12.01am today (Wednesday 22 November).
At Seths we see this as fantastic news and welcome the move with open arms. Why?
First time buyers are essential to keep the property market moving.
Many property chains have first time buyers in them and without them the market slows down and can stagnate.
Any measure to help people get onto the property ladder is to be applauded and this Stamp Duty decision will certainly help people, especially young people, buy their own homes and will energise the local market.
The decision to abolish Stamp Duty for first time buyers will save them between £5000 to £15000.
We’re in no doubt this will benefit the local property market as we’ve seen on plenty of occasions Stamp Duty hindering first time buyers’ efforts to pull together a deposit and purchase a home of their own.
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