The Autumn statement brought some fantastic news for First Time Buyers, the government are abolishing Stamp Duty all the way up to £300,000 for those looking to buy their first home. Furthermore, all the way up to £500,000, they’re saying you can still have that £300,000 exemption. That means an average saving of £1,660 – a lot of money for those looking for their first house!
Across Manning Stainton, we’ve already seen an increase in the number of First Time Buyers entering the market – a 6% rise compared to 2016, and 37% up compared to where they were in 2013. This is a great piece of news.
There is also fantastic news on New Homes; the chancellor has pledged that they will look to build 300,000 new homes a year by the mid-2020’s. That will mean that we will be building the same amount of homes as we were in the 1970s – again which will ease the burden on the supply which we have in the market. More houses become available for those looking for their next purchase.