The Autumn Budget 2017 has seen a massive incentive for first time buyers of properties in England and Wales. As from today, first-time buyers will benefit from tax relief, as for first time homes purchased up to a value of £300,000 no Stamp Duty Land tax will be payable.

The government state that ‘First time buyers will benefit from a permanent Stamp Duty Land Tax relief worth £1,660 to someone buying the average first-time buyer property’. The previous law, saw first time buyers paying stamp duty on purchases above £125,000. Today’s abolishment of stamp duty for this band of buyers for purchases up to £300,000, represents the largest ever increase in the point at which first time buyer’s become liable for Stamp Duty Land Tax. In addition, for those first time buyers purchasing between £300,000  – £500,000 there will be a £5,000 saving. It is thought that in every region outside London, the average first time buyer of a property will  no longer have to pay stamp duty.

To add to the good news Watkins and Gunn offer it’s own 10% discount to first time. Users   – please contact us for further information.