According to NAEA Propertymark, changes made by the Chancellor last year to offer relief to first time buyers purchasing properties under £300,000 seem to be encouraging more buyers onto the market. With, year on year, first time buyer sales the highest since February 2015*.
The trade body said that the Chancellor’s first-time buyer stamp duty relief is having the desired effect, as sales to the group rose to 29% in February, from 27% in January.
What this means for First Time Buyers
Adam Nanson from Your Mortgage Expert comments:
“For a while, the Government has had it on their agenda to help first time buyers onto the property ladder. And, although there hasn’t exactly been a landslide of sales, it does look as though the scrapping of stamp duty for properties below a certain threshold has encouraged more people onto the market.
“Since the Stamp Duty changes, we have seen our clients save money. Because, put simply, for those looking to purchase a property valued at £300,000, First Time Buyers will save £5,000 on the tax they would have paid on Stamp Duty**. This will mean that, for those struggling to pull together enough deposit, this money ear-marked for Stamp Duty could now be diverted into a deposit instead.”
How Your Mortgage Expert can help
Adam Nanson continues:
“For First Time Buyers, one of the biggest barriers to purchase is often affordability, so anything that helps with this is a great thing. If you’re looking to buy your first home and you’re not sure how much you can afford, then it can really help to speak to an independent mortgage broker like Your Mortgage Expert.
“We will sit down with you and go through your income, expenditure and clearly go through all the costs associated with purchasing a home to establish your financial situation. We will also break down all the jargon, so you understand exactly what is involved with applying for a mortgage and take away the hassle and administration from you.”
If you are interested in applying for a mortgage, why not speak to Your Mortgage Expert? We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
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