First time buyers pay no Stamp Duty on properties under £300,000

It’s never been a better time to be a first-time buyer in the UK – especially when it comes to Stamp Duty.

Stamp Duty (officially known as Stamp Duty Land Tax or SDLT) is a fee that house buyers have to pay on properties over a particular value.  It is calculated as a percentage of the price of the property.

Are you a first-time buyer - someone who is buying their only or main residence and has never owned a freehold or had a leasehold interest in a residential property in the UK or abroad? If so, we can let you into a little secret. The government has recently slashed the amount of Stamp Duty you have to pay.

In the Autumn 2017 Budget, Philip Hammond axed Stamp Duty on homes costing up to £300,000. Since the average cost of a house in the UK stood at £225,621 in January according to the latest government figures, and assuming you would otherwise have had to pay Stamp Duty at two per cent, you could save over £4,000 under the new system.

Think what you could do with that extra cash. You could put it towards new furniture, re-decoration, improving your garden – the list goes on.

It also means that you can afford that new build home you have been dreaming of. For example, Larkfleet Homes has an array of options perfectly suited for first-time buyers. And because there is no Stamp Duty on properties under £300,000 there is a wide choice of new homes to suit any budget.

Not only that, there are schemes available to assist you including Help to Buy. So, what’s stopping you making the move? Visit one of our developments and find out how Larkfleet Homes can help you into your dream home.