79% of the property market will remain Stamp Duty free for first-time buyers

Almost 80% of the property market will remain SDLT free for first-time buyers, even after the current holiday extension has expired, according to research by Ascend Properties. (as reported in the Financial Reporter)

While all residential transactions are currently enjoying no stamp duty owed on purchases as high as £500,000, this perk will remain in place for first-time buyers purchasing up to £300,000 beyond the final September cut off.

The average first-time buyer in England currently pays £221,743 to get a foot on the ladder, falling well within the £300,000 threshold.

As a result, 79% of all local authorities in England are home to an average first-time buyer house price that sits below the stamp duty free threshold of £300,000.

At a regional level, there is just one area of the market where first-time buyers will wave goodbye to a stamp duty free purchase when the current holiday deadline is done. That is, unsurprisingly, London, where the average first-time buyer currently pays £433,631 to get on the ladder. However, they will still benefit from a reduced level of tax on purchases up to the £500,000 mark.

The post 79% of the property market will remain Stamp Duty free for first-time buyers appeared first on The Mortgage Bureau.

https://www.themortgagebureau.co.uk/first-time-buyer/79-of-the-property-market-will-remain-stamp-duty-free-for-first-time-buyers/