Over 180,500 first-time buyers benefit from stamp duty tax relief - Over 180,500 first-time buyers benefit from stamp duty tax relief Book a Property Valuation
Market Reports August 29, 2024
     

Over 180,500 first-time buyers benefit from stamp duty tax relief

Yesterday marked a year that first-time buyers have benefited from the stamp duty tax relief. The money-saving tax relief, which is known as First Time Buyer Relief (FTBR), was introduced on 22 November 2017.  The Treasury announced that since the inception of the scheme, more than 180,500 first-time buyers have benefited, saving a total of £426 million pounds. 

Iain McKenzie, CEO of The Guild of Property Professionals, said: “The government’s effort to assist first-time buyers to get into the market is seeing fruit with the number of first-time buyers at a 12-year high and climbing. Provided they have access to finances to meet deposit requirements, either through savings or their parents, first-time buyers will have an even greater impact in the market during 2019.”

The scheme is available to any first-time buyer purchasing a property in England or Northern Ireland with a purchase price of no more than £500,000, in the budget last month the relief was extended to first-time buyers purchasing a property through an approved shared ownership scheme. According to the Treasury, the relief was claimed in over 58,800 transactions between July and September this year, an increase of 12% compared with the previous quarter.

“While factors such as Brexit are still having a major impact on the housing market, the stamp duty relief will continue to increase the number of motivated buyers looking to purchase their first property,” adds McKenzie.

Find out what stamp duty you will pay on your property purchase by using our stamp duty calculator

Autumn 2024 UK Property Market Report: Growing market momentum

Regional Property Market Update Autumn 2024: London

Regional Property Market Update Autumn 2024: Thames Valley, Berkshire, Oxfordshire, Buckinghamshire

Regional Property Market Update Autumn 2024: Scotland

Contact us

    Puckeridge: 28 High Street, Puckeridge, Hertfordshire SG11 1RN
    t: 01920 822999  •  e: puckeridge@oliverminton.com



    Stanstead Abbotts: 14 High Street, Stanstead Abbotts, Hertfordshire SG12 8AB
    t: 01920 412600  •  e: sales@oliverminton.com



     Roydon: 20 High Street, Roydon Essex  CM19 5HJ
     t: 01279 888212  •  e: sales@oliverminton.com



© Oliver Minton Estate Agents 2017. All rights reserved.   Terms and Conditions | Privacy Policy | Cookie Policy
Oliver Minton Estate Agents Ltd.   Registered in England & Wales.   Company No: 06475871.
Registered Office Address: 14 High Street, Stanstead Abbotts, Herts SG12 8AB    VAT Registration No: 740725248







Built by

Update Cookies Preferences