There are no silly questions when it comes to buying a home

Peter Greatorex, managing director of The Apartment Company explains stamp duty and the learning curve of the property market

First-time buyers, do you know what stamp duty you need to pay? Bath’s location, beauty, and glorious lifestyle make it very popular with young professionals. Over time, many decide to make their stay permanent and start to look for their first home. Working with first-time buyers is always a thrill; their openness and excitement is infectious, but they are often daunted and confused by the sales process. It was therefore no surprise when it was reported this week that firsttime buyers are still unsure about the amount of stamp duty payable (SDLT). Great news for any first-time buyer looking to purchase a property under £300,000, as you no longer have to pay any stamp duty for a residential property. If the property you are looking to purchase is between £300,000 and £500,000, then you are required to pay SDLT at the rate of 5%. The stamp duty relief at this level means a saving of £5,000 compared to the SDLT payable for non-first-time buyers. Sadly, there is no relief should you wish to purchase a property for over £500,000. There is no doubt that buying a property for the first time is a learning curve, and therefore we want you to know that there are no “silly questions” - we want to ensure you are in the best place to make decisions that are right for you. If you’re looking for your first home in Bath, come and talk to a member of our team; not only will we be able to show you some incredible apartments across the city, we can also give you the support you need to make the process more enjoyable.