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Budget 2017 stamp duty cut for first-time buyers

Chancellor Philip Hammond delivers Budget 2017

This afternoon the Chancellor, Philip Hammond, announced a much-needed stamp duty cut for first-time buyers as he delivered his Budget 2017 speech in the House of Commons.

SDLT changes

The Budget 2017 stamp duty cut means stamp duty will no longer apply for first-time buyers on the first £300,000 of properties up to the value of £500,000. This change will come into effect immediately and represents a saving of up to £5,000. 95% of first-time buyers are set to benefit from this change, with 80% not paying stamp duty at all. The remaining 5% are first-time buyers purchasing properties worth more than £500,000, so they will not benefit from the change.

As a result of the Budget 2017 stamp duty cut, first-time buyers purchasing a typical £300,000 one-bedroom micro-apartment from Inspired using Help to Buy will only need to save a 5% deposit of £15,000 and a further circa £1,500 to cover conveyancing fees and the mortgage valuation survey.

Last year’s Lifetime ASA boost

This is on top of the Lifetime ISA announced in last year’s Budget which pays savers a 25% bonus on up to £4,000 saved per tax year if you are under 40. It could take you only three years to save for your new home instead of four leaving Bank of Mum and Dad to enjoy a well-deserved holiday in Barbados.

Help on Income Tax

The Budget good will doesn’t end there. The Chancellor also announced a rise in the tax-free personal allowance on income tax to £11,850 and an increase in the higher-rate tax threshold to £46,350. These changes will come into effect in April 2018.

Prices at both our Central Cross development in Croydon and Nine Sutton Court Road development in Sutton start at £279,950. Both developments are completed and ready to move into. They also benefit from the 40% Help to Buy London Equity Loan meaning you will only need a mortgage for 55% of the property’s value.

You can also reserve off-plan at Innova Croydon (from £324,950), 120 Bridge Road in Chertsey, (from £265,000) and Fabrick in Greater Manchester (from £132,950). Call the sales team on 020 8688 6552 to enquire.

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