Monday marked the day of the 2018 Autumn Budget, in which chancellor Philip Hammond delivered a 72-minute speech covering stamp duty, welfare & pensions, Brexit and many other areas concerning the nation.
In terms of stamp duty, this Budget brings rather good news for first-time buyers!
Mr Hammond announced that the 0% stamp duty relief will be extended to first-time buyers purchasing shared ownership homes that are valued up to £500,000.
The chancellor stated that this will be implemented retrospectively from the previous budget (2017) to all properties bought in England and Northern Ireland.
This is certainly good news for people looking to buy their first house and many people are pleased with this announcement as it shows that the government recognises the benefits of shared ownership as a genuine option for people and families who are looking to become home-owners.
Anees Rehman, Office Manager at our Hillsborough branch, said: “This is a great move by the Government and shows their continuing commitment in helping first-time buyers ease onto the market in the absence of a concerted policy of building new homes.”
Last year, the chancellor extended the stamp duty tax relief of 0% from £125,000 for first-time buyers to £300,000.
It is believed that this exemption has already helped 121,000 first-time buyers.
Anees added: “This change will definitely drive buyers into the market where Stamp Duty was the only bar.”