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Stamp Duty Relief For First Time Buyers

Stamp duty relief for first time buyers Great news for first-time buyers – you might not have to pay any stamp duty on your property, or you might only have to pay a reduced amount. Stamp duty can be very…

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Stamp duty relief for first time buyers

Great news for first-time buyers – you might not have to pay any stamp duty on your property, or you might only have to pay a reduced amount. Stamp duty can be very expensive, and this new initiative is helping new homeowners get on the property ladder.

But what is Stamp duty?

Stamp Duty Land Tax is a government tax that is charged when you buy a property in England or Northern Ireland. You have to pay Stamp Duty within 14 days of buying a property. Rates are dependent on the price of the property and are organised into bands. There are different rates if you are buying a second home or a buy-to-let property and in most cases, first time buyers are exempt from paying it. If you are buying a second home, you can check rates for these here.

Do you qualify?

You will qualify for the Stamp Duty exemption if:

  • You are a first time buyer
  • You’re buying a home that you will live in
  • Your property is below £300,000 (for no Stamp Duty at all)
  • Your property is under £500,000 (you will only pay Stamp Duty on the amount over £300,000)
  • The property is not in Scotland or Wales. (Scotland has a slightly different scheme, please see below)

New figures show how stamp duty relief has helped first-time buyers get onto the property ladder. New homeowners saved more than £1 billion collectively since the government first launched Stamp duty relief for first time buyers in 2017. This has proven that the scheme has been successful and effective in helping people get onto the property ladder.

HMRC has stated that “a fifth of residential transactions, 62,800, used the relief in the fourth quarter of 2019, worth a record high of £154m. There have been 464,700 claims for the relief since November 2017”.

Stamp duty relief means that first time buyers have more money available when purchasing their first home. This therefore means funding things such as a house survey becomes easier; having a survey done can also help you save money further down the line. Here at Avery & Co we have a dedicated team of RICS Chartered Surveyors with many years’ experience and local knowledge who adhere to the RICS framework for professional industry standards.

If you would like to find out more, please contact us on 0151 321 2000 or get in touch here. We’d be happy to help!