Active Market Ahead

You will all remember that back on 22 November 2017, the Chancellor of the Exchequer surprised us in his budget statement by abolishing stamp duty for first time buyers. It is now almost two months since the new measures were put in place and we are pleased to report an increase of enquiries by purchasers. 

The exemption abolishes stamp duty for first time buyers who are purchasing a property valued up to £300,000, or significantly reduces the charges for purchases up to £500,000. 

The new measures came into force with immediate effect. This meant that we had one fortunate client who, having already exchanged contracts and due to complete the very next day, was able to benefit and saved an impressive £2,300! 

There are, however, some important requirements for a buyer to be eligible. Where there is more than one purchaser, they must all be eligible for the relief. They must not have previously owned any interest in a property anywhere in the world and must be intending to live in the property as their main residence. 

Despite these restrictions, we believe that the exemption will only encourage an active market as we look forward to the year ahead. 

If you would like to discuss this further, please contact me on 01206 217343 or alternatively email me on alison.bear@birkettlong.co.uk.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.