23 Nov Stamp Duty changes – Will this stimulate the market?
Have you been looking at the market and waiting for the perfect time to sell? Is your property suitable for first time buyers. Yesterdays budget announcement of scrapping stamp duty for first time buyers for properties up to £300,000 , with immediate effect means they will save UP TO £5,000 on their first home purchase. For first time buyers of homes up to £500,000 they will only pay stamp duty on the amount over £300,000, again meaning a saving of up to £5,000. This policy is likely to stimulate the lower end of the property market , which in the South East has been slowing down towards the end of 2017. It is still important that you take your estate agents advice on pricing your property. Get it right and you can see offers coming in above this figure as buyers perceive a bargain. Overprice in this sensitive market and you could wait a while to get those viewers through the door.