New figures have revealed that 121,500 first-time buyers have saved more than £284 million, thanks to the cut in Stamp Duty Land Tax.
The numbers expected to benefit from the stamp duty exemption are predicted to rise to more than one million over the next five years, according to official statistics from HMRC, which collects the duty on the government’s behalf.
An exemption for first-time buyers, known as a relief, was introduced in the 2017 Budget. Newcomers to owning a property pay no stamp duty on the first £300,000 of its price and 5 percent on anything over £300,000 up to the value of £500,000.
Homeward Legal’s expert conveyancing solicitors panel are all vastly experienced in providing the conveyancing services essential to first-time buyers, particularly those using Help to Buy to get on the property ladder.
The HMRC stats for the period from the introduction of the relief in November until the end of June this year show that 121,500 first-time buyers saved a total of £284m.
Mel Stride, Financial Secretary to the Treasury, said: “Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.
“In addition, we’re building more homes in the right areas and have introduced generous schemes such as the Lifetime ISA and Help to Buy.”
The government has pledged at least £44 billion for housing over the next five years with the aim of building 300,000 new homes every year in England. Its Help to Buy scheme, including equity loans and ISAs, also have funding until at least 2020.
Any first-time buyer ready to take the leap into home ownership should talk to Homeward Legal immediately to access high-quality, value-for-money conveyancing services. We’re open seven days on 0800 038 6699. You can also get an instant online quote for the conveyancing services you require.