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Recent First-Time Buyers Can Recoup Stamp Duty Fee

05-Dec-2017

The announcement from Philip Hammond in his Autumn Budget made first-time buyers exempt from stamp duty with immediate effect when purchasing a property up to the value of £300,000. For those buying properties valued up to £500,000, partial relief will be given.


Many first-time buyers who have completed a property purchase since 22nd November when the announcement was made, may have inadvertently paid stamp duty charges. However, HM Revenue and Customs has confirmed that those affected will be able to claim a refund.

Stamp duty is a progressive tax that must be paid when purchasing a property. It is levied on properties worth over £125,000, starting at 2% and increasing inline with the property value. By abolishing stamp duty for first-time buyers, the Chancellor hopes to assist more young people to get on the property ladder.

The average price for a residential property in North East Wales is £170,000. If a first-time buyer was to invest in such a property, they would immediately enjoy a saving of £900 now these new measures have been introduced. If you consider how long it would take for the average consumer to save £900, this decision by the Chancellor provides a significant saving. Additionally, the Government’s Help To Buy Wales scheme offers a first-time buyer the opportunity to purchase a new-build property. New-build homes are generally valued above the regional average, so the savings here are substantial. The Help To Buy scheme enables first-time buyers to take advantage of a 20% interest free Shared Equity Loan* for five years.

If you are entering the property market for the first time and would like a practical, impartial mortgage review, please contact D&G Independent to arrange a free, no obligation consultation with our mortgage team. Please call 01352 754272 or email info@dandgifa.co.uk.

If you are a first-time buyer who has paid stamp duty after the 22nd November, find out if you are entitled to a refund by visiting www.gov.uk

*Interest is charged on the Shared Equity Loan from the sixth year onwards, increasing each year by the Retail Price Index +1%.


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