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Published on : February 26, 2020 13:22

£1.1 billion saved by 464,700 first-time buyers

Nearly half a million (464,700) first-time buyers have benefitted from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced in November 2017, each saving on average £2,387.

Zero tax is charged to first-time buyers on purchases between £125,000 and £300,000, which accounts for 77% of benefitting purchases. The standard 5% SDLT (stamp duty land tax) is charged between £300,000 and £500,000.

All sales under £125,000 are exempt from taxation.

62,800 first-time buyers benefitted from the scheme in the final quarter of 2019, the highest quarterly number since its inception, as first-time buyer numbers hit record levels in 2019.

Across Wales, all purchasers purchasing a property with a value of less than £180,000 are eligible for Land Transaction Tax Relief.

This will undoubtedly include the vast majority of first-time buyers, as the average price of a first-time buyer property across the country is £149,000.

The government has recently announced plans for a First Home Scheme, whereby local buyers would benefit from a 30% market price reduction on the price of their first home.

Are you looking to get onto the property ladder?

If you’re a first-time buyer trying to get onto the property ladder, we can help!

Our team of friendly, expert mortgage advisor will compare the latest rates of 50+ lenders to find the right mortgage for you.

Get in touch with our financial services team today on 0161 443 4830 or email [email protected].

You can also complete our form here and a member of our team will get back to you.

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