Stamp Duty Changes For Stockport First Time Buyers

United Kingdom 23-11-2017. There was a surprise in the November 2017 budget when Chancellor of the Exchequer, Phillip Hammond, announced that stamp duty for first-timer buyers purchasing property under £300,000 was to be abolished. This was immediately hailed as good news for first time buyers and hopefully this will help many people to get on to the property ladder.

While anything that makes life more affordable for first-time buyers is to be applauded, it is important to understand how much of a benefit this will bring to people. According to figures provided by Zoopla, the average price paid for property in Stockport in the past 12 months is £237,961. The stamp duty associated with this property price comes in at £2,259. Being able to save over £2,000 is definitely a positive result for home-buyers, however, it is still a small amount compared to the amount of deposit a person will have to provide.

Any first time buyer looking to purchase property at the average price in Stockport will need to save £11,898 for a 5% deposit, £23,796 for a 10% deposit and £59,490 for a 25% deposit. A £2,000 saving is a good starting point but clearly a first-time buyer will need to look at other avenues to make financial savings. Thankfully there are additional options available to save for a deposit, including the Help To Buy scheme from the government.

This announcement should be viewed as a positive step but first time buyers should be aware that they are still left with a lot of work to do and a lot of money to save before they can commit to buying property. At Spencer Harvey, we understand the local property market in Stockport and surrounding areas and we also know how to help first time buyers make their way on to the property ladder.

Anyone that has left been intrigued by the stamp duty changes or requires further guidance on how best to approach applying for a mortgage should contact the Stockport property experts, Spencer Harvey.

For more details about buying property for the first time, get in touch with Spencer Harvey:

https://www.spencerharvey.co.uk/

About Spencer Harvey

At Spencer Harvey, we love Stockport and we believe that there is a great deal of energy and excitement about the Stockport property and lettings market. As a company, we have considerable experience in dealing with the Stockport and Greater Manchester area and anyone looking for assistance in these areas should come and see us at our Stockport branch.

There are many areas where people need help with respect to the property market, or the lettings market, but at Spencer Harvey, we are on hand to help out no matter what a person is looking for.

To arrange a free online instant valuation visit https://valuation.spencerharvey.co.uk or call our team on 0161 480 8888.