Stamp Duty Relief for First Time Buyers Extended

Posted on October 31, 2018

Stamp Duty is one expense every property buyer dreads. For first time buyers in particular the prospect of setting aside a hefty deposit and settling fees like Stamp Duty means more time would need to be spent saving their hard earned money. The latest Budget 2018 announcement offers great news for first time buyers! Here our Sunderland estate agents reveal more about the new Stamp Duty relief rules that could save you a fortune as a first time buyer.

Want to get onto the property ladder?

Those looking to get onto the property ladder for the first time will reap even more rewards in light of the recent Budget announcement. Whilst the 2018 Budget saw very few housing measures introduced, those looking to buy full priced homes and shared ownership properties won’t face huge Stamp Duty bills.

The number of first time buyers is now at an 11-year high thanks to the Stamp Duty relief that’s been made available to those looking to buy their very first home costing up to £500,000. Those wanting to proceed with the purchase of a shared ownership house or apartment will now enjoy the same relief to make that first step onto the property ladder even easier.

When can you access the relief?

You don’t have to wait until the start of the new tax year to access the Stamp Duty relief. The relief has been applied with immediate effect, meaning those looking to buy their first shared ownership home will pay no Stamp Duty on the first £300,000 of any home costing up to £500,000. Those looking to purchase a full priced property as their first home still won’t have to pay Stamp Duty either.

Purchased a shared ownership property in the last year?

If you bought a shared ownership house or apartment in the last year, you could claim the Stamp Duty you paid back in line with the recently introduced relief rules. The Treasury announced that relief could be applied retrospectively back to the last Budget. Therefore, first time buyers who purchased their shared ownership properties on or after 22^nd November 2017 could be entitled to cash back.

What other changes can the property market expect?

As we mentioned there weren’t many changes introduced to the property market in the recent Budget. The biggest being the Stamp Duty relief being extended to first buyers of shared ownership properties. Chancellor Philip Hammond make no reference to the Help to Buy scheme but it is expected to run until 2023 for first time buyers. The Budget did see £44 billion pledged to housebuilding in the UK, and new collaborations with a selection of housing associations to boost social housing provisions.

Want to take advantage of the new Stamp Duty relief on shared ownership properties? Browse our range of properties for sale now to begin the search for your first home. Our Sunderland estate agents are ready and waiting to help you find the property of your dreams.