The Chancellor has announced that stamp duty is to be abolished for all first time buyers on properties bought up to £300,000, effective from today. In addition, first time buyers purchasing properties up to £500,000 will pay no stamp duty on the first £300,000.
In his Budget, Philip Hammond announced that 80% of first time buyers would pay no stamp duty at all. With 358,000 first time buyers in the last year, this means that at least 24% of all sales in the UK’s housing market are set to be charged 0% tax. Once other exempt sales under £125,000 are taken into account, this figure will be even higher.
Two thirds of properties bought so far this year across the country have been under the new threshold but there are large regional variations. In Wales and the North East, over 90% of sales in the last year have been over £300,000 while just 17% of sales in London were for less than £300,000.
While good news for first-time buyers, this will further squeeze investors in the sub-£500,000 market who are already suffering from increased taxes. What's more, it does not, give any encouragement to owners higher up the chain to downsize.
After months of hard work, our new website finally went live over the weekend and is looking fantastic! Why not have a good look around and see what amazing new features and information are included.
Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.
Holiday lets can be extremely rewarding. Where are the best places to buy a holiday let? What is the best way to start your search? And what types of properties make the best holiday lets? There is a lot to consider, so we asked our agents for their opinions.
“In Northumberland we are spoilt with the best of both, with holiday lets near the coast and in the country. If you’re in the market for a holiday let, speaking to local independent estate agents should be high on your list. Also contact holiday letting companies who may have clients wanting to sell.
“Given that Falmouth was crowned the best place to live in the South West by The Sunday Times last year, it is not surprising that we deal with purchasers keen to secure a second home here on a daily basis. Historically, the bustling town of Newquay or quaint St Ives on the North Coast would be the first ‘port of call’ for some. More recently, those seeking an all year-round resort offering golden sandy beaches and some of the finest sailing waters in the country have chosen Falmouth. So what makes the perfect holiday home? It would appear that the formula is relatively simple – a good location, water views and parking,” says Natalie.
“We are very lucky to live and work in a county as lovely as Dorset. Our office is in the Victorian town of Swanage, which is a popular family holiday location. It has award winning soft sandy beaches, beautiful surrounding countryside and is well known for being the gateway to the Jurassic Coast, England’s first world heritage site. The area has many miles of footpaths and bridleways making it popular with walkers and cyclists. Attractive country cottages and properties with sea views close to the beach are always top of list. The population of Swanage doubles in the summer months and with annual fish, pirate, jazz, blues and folk festivals is a popular destination all year round for a holiday let,” explains Kelly.
“The pretty coastal town of Hythe in Kent has much to offer the holiday let investor. From views across the English Channel to France, an unspoilt seafront promenade, the famous Romney Hythe & Dymchurch light railway running as far as the unique landscape of Dungeness. The town itself offers a traditional high street with a wealth of independent shops and restaurants as well as a wide variety of sporting options including tennis courts, sea kayaking and a selection of local golf courses.
Click here to find your local Guild agent.
Value My Property