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Stamp Duty

Published: 07/12/2017 By Bianca Keating

The autumn budget was announced on 22nd November and Philip Hammond permanently abolished Stamp Duty for first-time buyers purchasing properties up to £300,000 and in high-priced areas on the first £300,000 of houses worth up to £500,000. So what does this mean for the first time buyer in Fulham, Hammersmith and West Kensington and how will it affect the property market?

Some first time buyers can expect to save up to £5,000, which is a huge amount of money when put in context of having works done to your new home. According to household quotes generally, the cost for a bathroom replacement will range from about £2,500 to over £6,000 for the basic (lower end of the scale) to luxury bathroom (£6k plus).  

For the first time buyer it may also impact the choice of property, depending on whether the property falls within the relief bracket. Here at Lawson Rutter we have eight properties under £500,000- perfect for the first time buyer looking for that extra bit of help with costs when purchasing their first home.
We also have an updated stamp duty calculator on our web page that is easy to use and will give you the correct amount whether a first time buyer or buying a second property.

As a vendor it may impact on how much you put your property on the market for and how it might impact on a buyer in relation to the lower stamp duty rate?   Here at Lawson Rutter we have experienced agents who will advise you on how best to reflect this when deciding on an asking price for your property.

As we enter the New Year, maybe it’s time for a new start, new home or even your first home. Let Lawson Rutter help take the stress away and aid you with the process by giving you honest, no nonsense advice. Please call us for a free non obligatory valuation, or to see how we can help you find your ideal home.