In today’s budget the chancellor announced numerous changes affecting the UK economy, however there was a key takeaway that might affect you. As of today stamp duty has been abolished for all first time buyers on homes up to £300,000. According to the BBC, this should benefit 80% of first time buyers across the country – read their budget summary here.
What does this mean exactly?
Before this change first time buyers buying properties up to £300,000 had to find up to £5,000 in stamp duty to buy their home. As of today, this figure drops to zero. If you are currently in the process of buying a house, are a first time buyer and have not yet completed, you will benefit. Talk to your solicitor who will be able to confirm this for you.
Where could you benefit?