Stamp duty break for Islington’s first-time buyers?
Potential first-time buyers in Islington may be handed a lifeline by Chancellor Philip Hammond as it’s announced a cut to stamp duty could be on the cards.
Though nothing is guaranteed, word is out that the Chancellor may offer first-time buyers a lifeline by cutting stamp duty by 1% for first-time buyers in the Autumn Budget later this month.
The Autumn Budget 2017 is due to be published on 22nd November.
Stamp duty has proved a real impediment to many first-time buyers who want to climb onto the housing ladder, especially those looking to buy in London. According to Land Registry figures, for the average first-time buyer in London the stamp duty bill amounts to a not inconsiderable sum of £11,427.
The tax has also been blamed for slowing the property market in general and decreasing the number of transactions.
It is said the upcoming Budget will look at ways to support younger people while looking to restore ‘intergenerational fairness’.
Property prices for first-time buyers in London, including in Stoke Newington, Islington, Newington Green and Highbury have become unrealistic for many first-time buyers who would otherwise like to settle in these areas. Any savings which can be made on stamp duty may help those who want to buy here.
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