• By | Photography by Bear Estate Agents | Wednesday, November 29, 2017

Have you got your head around stamp duty yet?

At Bear Estate Agents, stamp duty is often asked about. It is the tax that the government charges on top of a property purchase price.

Changes to stamp duty rates were LAST made in April 2017.

A quick rundown of the categories will show that the first £125,000 of a property price has no stamp duty added.

WITH NOVEMBERS BUDGET NEWS, HOWEVER, THAT FIRST CATEGORY HAS NOW CHANGED TO £300,000, for first time buyers, on a property price of up to a maximum of £500,000.

This means that a first time buyer getting their foot on the property ladder will not now have to pay Stamp Duty in that category!

THE SAVING THIS NEW MEASURE MAKES IS UP TO £5,000 on a £300,000 property.

In effect this saving could be used to be put towards a mortgage deposit and bring an overall mortgage term and costs down.

It could even be used to enable a first-time buyer to afford to buy their longed-for home and give the slowing down property market a much-needed boost.

If you have any questions about how it affects your purchase, please email our dedicated experts at stampduty@bearestateagents.co.uk or call on 01702 811211.