A government announcement last week revealed that there has been approximately an additional 121,500 first time buyers stepping on to the property ladder since the cut in stamp duty announced in the autumn budget last year.
Coming in to effect on November 22 last year, the policy change allowed first time buyers to benefit from not paying any stamp duty at all on properties costing £300,000 or less.
In addition, for properties priced between £300,000 and £500,000 stamp duty would still only be applicable on amounts over the £300,000 ceiling for first time buyers, meaning a reduced rate is paid.
The cut has reportedly saved those taking their first steps on the property ladder an estimated £284m from its introduction until the end of June 2018, with the government also reporting it has helped an additional 1 million people into buying their first home.
If you are a first time buyer and looking to make even more savings on your first property purchase, it is not only the beneficial situation regarding stamp duty which helps, but also in finding the best mortgage deal possible. At One 77, our expert First Time Buyer Team are ready to help you cut through the jargon and get things moving. Call them today on 01249 474952 or complete the form below and we will be in touch.