The Autumn 2017 Budget was delivered by the Chancellor of the Exchequer, Philip Hammond On 22nd November 2017, one of stated the aims being “reviving the home-owning dream in Britain” and tackling the lack of housing supply.
Stamp Duty Land Tax (SDLT) has now been abolished for first time buyers on property purchases of up to £300,000 and for higher value areas such as London, on the first £300,000 of a property’s price up to a value of £500,000.
Clearly buyers still need to save for deposits and in the current economic climate may still struggle to do so.
These new SDLT measures are also unlikely to stimulate the release of homes at the top end of the market.
Furthermore the relief is only available to joint purchasers where BOTH buyers are buying for the first time. There is no partial relief where one buyer is a first time buyer and the other is not.
For further details contact any of the Property Team at Metis Law.