Autumn Budget 2018

First Time Buyers! What does the Autumn 2018 budget mean for you?

 

(image UNW.co.uk)

Phillip Hammond’s recent announcement at the Autumn Budget that all first-time buyers, including those purchasing a shared equity home up to £500,00 will be eligible to claim stamp duty relief on their purchases.

This will come to a great relief to many making their first steps on the property ladder, including the announcement that the popular Help to Buy scheme will also be extended a further two years than expected, now ending in 2023.

Mr Hammond is looking at implementing the strategy to assist in the recovery of the housing market, in last year’s budget Stamp Duty for first time buyers was abolished for up to £300,000 which is estimated to have benefited 121,500 first-time buyers. This has resulted in an eleven year high for purchasers in this category, the government are also making it possible for any first time buyers that made a purchase since the previous budget that didn’t benefit from the relief able to make a retrospective claim.

If you are a first-time buyer looking to get on the property ladder, here at Abel we are happy to guide you through the process from recommending mortgage brokers, matching you with your dream property and keeping you up to date with regular communication throughout the purchase process. Give our team a call today on 01992 532222.

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