Stamp Duty Axed for First-Time Buyers

A welcome helping hand for those keen to get onto the Property ladder…

The white rabbit pulled from the Chancellor’s hat in the Autumn Budget was the announcement that stamp duty will be axed for first-time buyers on homes under £300,000.

Stamp duty is abolished for ‘first-time’ buyers purchasing a home of up to £300,000. For those purchasing a more expensive home, they will only be required to pay stamp duty on the amount over £300,000. There will not be any exemptions for homes over £500,000.

A ‘first-time’ buyer is defined as someone who has never owned an interest in a dwelling before and who is purchasing their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. All purchasers in a joint purchase must be first-time buyers to be eligible for this relief.

To make the most of this Stamp Duty “Holiday” please contact our Property Law Team on 01256 305516 or email property@lambbrooks.com.