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Autumn Budget Stamp Duty Changes

23rd Nov 2017

On 22nd November it was announced that Stamp Duty is to be abolished for for all first-time buyers purchasing property of a value of £300,000 or less.

If you are a first-time buyer, we’re here to clarify the details of the changes and explain what it means for you.


What are the Stamp Duty changes?

From immediate effect, stamp duty will be removed for all first-time buyers purchasing property for £300,000 or less. What's more for first-time buyers purchasing property priced up to £500,000 they will only pay stamp duty on the difference.

From 22nd November 2017 the new stamp duty bands and rates will be as follows:

 

Band                                                                       Rate         

First-time buyers less than £300k                        0%     

First-time buyers less than £500k                        5% on proportion above £300,000

First-time buyers more than £500k                      follow existing rates


What does the stamp duty change mean for the housing market?

The chancellor made a bold move to reduce stamp duty for all first-time buyers. Raising the threshold for SDLT to £300k for all first-time buyers forever will lift 80% of first time buyers out of the tax.  To account for higher prices in some parts of the country, all first-time buyers buying property up to £500k will benefit from the £300k exemption. That means that 95% of first time buyers will benefit from the change.

As property prices have risen, an increasing number of first-time buyers are now paying Stamp Duty, indeed 80% paid Stamp Duty in 2017, compared to just 49% in 2007. This news will remove one of the hurdles facing first-time buyers and more movement in this end of the market is expected as a result.


What does the Stamp Duty change mean for you?

If you are a first-time buyer the chart below shows how much first-time buyers in different areas of the country could benefit.

Impact on stamp duty for first-time buyers by location:

Impact on stamp duty chart - location key:

EM - East Midlands       

E - East                   

GL - Greater London

N - North                     

NW - North West     

S - South

SE - South East             

W - West                 

WM - West Midlands

Y&H - Yorks & Humber     

ENG - England overall

naea arla rics tpos tds letting scheme letting scheme

Sales: Preston Bennett is a trading name of Countrywide Estate Agents, Registered in England Number 00789476. Registered Office Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP.

Lettings: Preston Bennett is a trading name of Countrywide Residential Lettings Limited, Registered Office Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP. Registered in England Number 02995024 which is an agent and subsidiary of Countrywide Estate Agents, Registered Office Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP. Registered in England Number 00789476. Countrywide Residential Lettings Limited is regulated by RICS. Countrywide Estate Agents is an appointed representative of Countrywide Principal Services Limited which is authorised and regulated by the Financial Conduct Authority.