STAMP DUTY CHANGES
On Wednesday, the long-awaited Autumn Budget was delivered, with Philip Hammond announcing the government’s latest economic plans, and housing (or lack of) was a hot topic. Following reports that the number of young people owning a property has dropped from 59% to 38%, Hammond declared that the government would be axing stamp duty for properties under £300,000, and for those under £500,000 the levy will only be paid on the amount above the £300,000 threshold. This abolition only applies to those who are buying their first homes.
The government predicts that 95% of first-time buyers will benefit from these changes, which come into effect immediately. This is great news for those buying in London, who will be able to spend the money saved on home improvements or even on increasing their budget to secure their dream home!