In today’s Autumn Budget, the Chancellor Philip Hammond has today permanently scrapped Stamp Duty for first-time buyers purchasing properties up to the value of £300,000 and in high-priced areas on the first £300,000 of houses worth up to £500,000.
The Treasury briefing paper states “First-time buyers are more cash constrained than other buyers and stamp duty land tax (stamp duty) can represent an upfront cash burden on top of a deposit and conveyancing fees. This will mean 80% of first-time buyers pay no stamp duty, helping them get on the housing ladder.”
It also says “To ensure that all first-time buyers purchasing a house on Budget day benefit and to avoid disruption, the relief will take effect from Budget day (00:01 hours November 22nd).”
The table below sets out how much first-time buyers will pay before and after Budget:
| Before Budget | 22 November Onwards | |
| £200,000 | £1,500 | £0 |
| £208,000 – average first-time buyer property in the UK | £1,660 | £0 |
| £300,000 | £5,000 | £0 |
| £400,000 | £10,000 | £5,000 |
| £410,000 – average first-time buyer property in London | £10,500 | £5,500 |
| £500,000 | £15,000 | £10,000 |
| Above £500,000 | Stamp duty due is unchanged on purchases above £500,000 | |
*source- www.gov.uk
How we can help
To see how this will work in practice, please click here or contact:
Paul Westwell at pwestwell@bromleys.co.uk;
Beverley Pretl at bpretl@bromleys.co.uk;
Anna Curran at acurran@bromleys.co.uk
Alternatively, telephone our Property team on 0161 330 6821 or you are welcome to attend any of our free legal surgeries. Please click here for dates and times – No appointment necessary.