Stamp duty reform is good news for the local market, says Burchell Edwards
22 November 2017
First-time buyers given a boost
Local estate agency Burchell Edwards welcomes news in the recent Budget to abolish Stamp Duty Land Tax (SDLT) for first-time buyers. According to Burchell Edwards, the Chancellor’s announcement will stimulate buyer activity from those that may have previously thought homeownership out of reach, and instil confidence in the local housing market.
In his budget, Chancellor Phillip Hammond announced that stamp duty will be permanently abolished on all first-time buyer purchases up to £300,000 and waived on the first £300,000 of properties up to the value of £500,000 in high priced areas such as London. This is effective immediately, and means that there will be no stamp duty for 80% of all first-time buyers from today.
“The desire from first-time buyers to purchase a property is as strong as it has ever been, and we believe that this good news will instil confidence in buyers who may have thought they were frozen out of the market,” says David Plumtree, Group Estate Agency Chief Executive at parent company Connells Group.
“We expect a ripple up effect in the local market as an influx of first-time buyers enter the market,” continues David. “People with a property under £300,000 who are looking to upsize would be wise to take advantage of increased demand for their property.”
If you are thinking of buying for the first time, have a property to sell and would like to know more about the local market, please contact your local Burchell Edwards branch.