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Good news for first time buyers

Chancellor Phillip Hammond announced during the 2017 Autumn Budget that stamp duty will no longer be payable by first time buyers on properties up to £300,000.00.

Hopefully these changes will ease the burden and lessen the up front costs of buying a house and make buying a home a reality for many people who are still living with parents or in rented accommodation.

The Treasury estimates that the stamp duty reforms will mean that up to 80% of first time buyers will no longer pay any stamp duty.

In order to qualify as a first time buyer you must not, either alone or with others, have previously acquired an interest in property or land (anywhere in the world.) This includes gifted and inherited property and if you are buying a property jointly all parties must be first time buyers.

We have all seen some uncertainty in the property market with Brexit, a shortage of affordable housing and the high costs faced by buyers. These changes and the government focus on providing more houses and more affordable homes should hopefully see some positive changes for buyers in 2018.

The new changes are not only good news for home buyers but for the conveyancing industry as a whole. In uncertain times any changes which mean more people are being encouraged to buy houses are welcome and have a knock on effect for us in recruitment.

More home mover’s results in a need for more conveyancers and us on the recruitment side are seeing a high demand for experienced conveyancers across the market. January is a busy time for recruitment with lots of people deciding to start their job search in the New Year. If you are looking to start 2018 with a career move why not get in touch now to get a head start on the competition?

For more information contact Emma Fielding at BCL Legal.

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