During the announcement of the Autumn budget, Philip Hammond announced that Stamp Duty will be abolished for first-time buyers buying a home up to the value of £300,000. For those that are buying properties costing up to £500,000, there will be no Stamp Duty to pay on the first £300,000.

These changes, which came into effect from 00.01am on Thursday 23rd November, apply to purchases made by first-time buyers in England, Wales and Northern Ireland. These Stamp Duty cuts will not be available to first-time buyers in Scotland due to an independent system of land tax.

The Treasury has insisted that it will largely be the younger generation who will benefit, with around 95% of first-time buyers seeing a Stamp Duty cut. This cut was among a variety of measures designed to reverse the decline in homeownership and provide more homes. The move will cost an estimated £3.2bm for the Treasury over the next five years.

Buying from Beech Grove Homes has never been so affordable and simple, with our experienced and friendly property experts being on hand to help you every step of the way. Have a look at our available developments or contact us to find out more.

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