Budget boost allowing first-time buyers to put their stamp on a property
We believe people can more confidently look to get their foot on the first rung of the property ladder following the announcement that stamp duty has been removed for first-time buyers purchasing homes costing £300,000 or less.
The move will boost the prospects of many who may previously have seen their options limited, or completely denied, by the cost of stamp duty.
We are already doing what we can to help first-time buyers by offering a Help to Buy: ISA with an interest rate of 2.25%. Customers who take advantage of this can cash in on a Government bonus of 25% (up to a maximum of £3,000) on their savings to help their home buying dream come true.
Our network property sales manager Richard Bocock said: “It’s well documented how difficult it is for first-time buyers to purchase property in the UK at present and that’s due to a number of factors, including a shortage of housing stock and of course the costs of buying a home.
“That has been particularly relevant to first-time buyers however while it’s still the case that there aren’t the numbers of affordable housing available to cater for the demand that exists, it is a very positive move to remove some of the cost which will allow them to use the money towards a deposit, and give them a fighting chance of getting themselves on the ladder.
“The housing market is always a hot topic when the Budget comes around so it’s very pleasing that a key aspect of that process - helping first-time buyers - has been looked at and acted upon.”
Stamp duty has been cut to zero for first-time buyers purchasing a property less than £300,000 and any first-time buyers looking to get their hands on somewhere costing up to £500,000 will not pay stamp duty on the first £300,000.
You can find out more information about The Nottingham’s Help to Buy: ISA here.