{"id":21602,"date":"2018-10-05T16:00:27","date_gmt":"2018-10-05T15:00:27","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=21602"},"modified":"2018-10-05T16:00:27","modified_gmt":"2018-10-05T15:00:27","slug":"first-time-homebuyers-saved-160-million-from-stamp-duty-relief","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/first-time-homebuyers-saved-160-million-from-stamp-duty-relief\/","title":{"rendered":"First-time homebuyers saved \u00a3160 million from stamp duty relief"},"content":{"rendered":"

In the past year, 69,100 transactions were eligible for Stamp Duty Land Tax relief, saving first-time homebuyers about \u00a3160 million.<\/strong><\/p>\n

HMRC recently released the Annual Stamp Tax Statistics for the 2017-2018 financial year. First-time buyers\u2019 relief started in November 2017 and has helped many buyers purchase their first homes. As we all know, buying a home is a big step, so the UK government has been assisting first-time buyers with these stamp duty cuts<\/a>.<\/p>\n

When purchasing homes for less than \u00a3300,000, first-time buyers pay no Stamp Duty Land Tax<\/a>. If the purchase price is between \u00a3300,000 and \u00a3500,000, homebuyers pay \u00a35,000 less than standard rates on the amount over \u00a3300,000.<\/p>\n

The numbers behind stamp duty relief<\/strong><\/p>\n

From the introduction of first-time buyers\u2019 relief last November to the end of the financial year, 19% of all residential transactions were first-time buyers who claimed the relief. In that time frame, the total amount of stamp duty<\/a> relief was estimated at \u00a3160 million.<\/p>\n

The mean average relieved per transaction was \u00a32,300. London saw the highest average of relief at \u00a34,300, reflecting higher property prices. Birmingham<\/a> saw the highest number of claims with 1,380, while Leeds<\/a> followed with 1,060 claims.<\/p>\n

First-time homebuyers on the rise<\/strong><\/p>\n

The first-time buyer market has accelerated since the stamp duty changes last autumn. Even though many UK property market figures have been down lately, the number of first-time buyers<\/a> recently topped 150,000 for the third consecutive year and reached a 12-year high with 175,500.<\/p>\n

Besides the stamp duty relief, there are additional benefits when buying your first home, like the Help to Buy<\/a> equity loan scheme. On top of that, recent figures show an upswing in the number of mortgages<\/a> targeted specifically for first-time buyers. And a recent poll even found that developers and housebuilders believe the first-time buyer sector has more potential for growth over the next few years than any other house buying sector<\/a>, so the future continues to look bright for first-time homebuyers in the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the past year, 69,100 transactions were eligible for Stamp Duty Land Tax relief, saving first-time homebuyers about \u00a3160 million. HMRC recently released the Annual Stamp Tax Statistics for the 2017-2018 financial year. First-time buyers\u2019 relief started in November 2017 and has helped many buyers purchase their first homes. As we all know, buying a… Read more »<\/a><\/p>\n","protected":false},"author":1982,"featured_media":4424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,59,6],"tags":[],"class_list":["post-21602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-to-let-landlords","category-trending-news","category-uk-housing-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/21602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1982"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=21602"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/21602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/4424"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=21602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=21602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=21602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}