Chancellor Philip Hammond has said that, for first-time buyers who are buying properties costing up to £500,000, no stamp duty will be paid on the first £300,000. The change will be implemented immediately.
Navroop Kaur, Senior Residential Conveyancer in Astle Paterson’s Conveyancing Department has commented on the change:
“Until now, buyers in England would be paying stamp duty, starting at 2% on all residential properties worth more than £125,000.
With the average price that first time buyers in the East Midlands pay for their homes said to be circa £158,000, those based in Burton on Trent and the surrounding area are set to make a saving of £660 through the Chancellor’s changes.”
Should you be in the process of moving home – or buying your first house – please contact our Conveyancing Department on 01283 743964 to obtain a no-obligation free quotation for our services. Find out more about our Conveyancing services.
