In an announcement made just this afternoon the Chancellor of the Exchequer has said that buyers will no longer have to pay stamp duty for property up to £500,000 (no news on second homes though).
To put that in to perspective, here are the savings buyers will make when purchasing:
£150,000 – £500
£200,000 – £1,500
£250,000 – £2,500
£300,000 – £5,000
£350,000 – £7,500
£400,000 – £10,000
£450,000 – £12,500
£500,000 – £15,000
First-time buyers were previously exempt up to £300,000
Hopefully, this news will see mortgage lenders relax their criteria a little more now as well.
If you are looking at buying a property and need help with your mortgage then please contact the office on 01535 279679.