News and Insights
5 January 2024
The journey to homeownership can often feel like an uphill battle, especially for first-time buyers. However, there's some exciting news that could tilt the scales in favour of those aspiring to step onto the property ladder.
A tax has to be paid when buying a property and that tax is called “Stamp Duty”. The amount of stamp duty payable is linked to the price paid for property. As a rule, the higher the property's price, the higher the stamp duty. For example, for a £600,000 property the ordinary stamp duty is £11,000.
Starting 1 January 2024, a substantial change to stamp duty has been implemented meaning a discounted rate for first time buyers. The threshold for first time buyers has been updated from an out of touch £500,000, to a more realistic £700,000. This means the stamp duty for a first time buyer's £600,000 home is now significantly lower at £2,500.
Given interest rates have stabilised, January may be the time to shop for a new home bargain. A scheme has been launched by the Government to help first time buyers make their homeownership aspirations a tangible reality.
If you have questions or need assistance navigating these changes, the Property team at Viberts are here to help you every step of the way toward your new home.