No Stamp Duty on homes for first time buyers in UK

London, November 24: The Residents of United Kingdom will enjoy the benefits of the lowering the stamp duty by the Prime Minister Theresa May from Friday. Talking about the stamp duty she said that 80 percent of first time buyers will pay no stamp duty at all and 95 percent will pay less than they would have done before the Budget.

 

Addressing the conference in Manchester last month she had said that it was my mission to fix the broken housing market, build the homes our country needs and reignite the dream of home ownership in Britain once again. The budget which was presented yesterday set out determined plan that by building 300,000 additional homes each year which will be the biggest annual increase in housing supply since 1970.

 

She further added that it will take time for building more homes to have an effect on prices. Young people are struggling in the housing market. So the announce of abolishing the stamp duty by the Chancellor will help the new buyers. The stamp duty will be abolished on the first £300,000 of the purchase price of homes up to £500,000 for all first-time buyers. It means that first time buyers will save an average of £2,000 money that can be used for many things.