Help­ing hand for first-time buy­ers

Kentish Express Ashford & District - East Kent Property - - HOMES -

Thanks to changes in the Au­tumn Bud­get, a first­time buyer snap­ping up this home at Oys­ter Close, Herne Bay, will now neatly side-step stamp duty, sav­ing an im­pres­sive £3,250.

Chan­cel­lor Philip Ham­mond’s bud­get abol­ished stamp duty for first-time buy­ers on homes un­der £300,000. This would in­clude the three-bed­room end-of-ter­race house, ideal for a first-timer, on the mar­ket with the Herne Bay of­fice of Ward & Part­ners, which is priced at £265,000.

The prop­erty is on a corner plot and comes with a con­ser­va­tory and off-road park­ing.

Aldo Sot­giu, of Ward & Part­ners’ par­ent com­pany, Arun Es­tate Agen­cies, says the changes in stamp duty will re­duce the time first-time buy­ers take to save a suf­fi­cient de­posit.

“The changes are par­tic­u­larly im­por­tant when you con­sider that in 2001, 41% of first-time buy­ers were li­able for stamp duty and this rose to 79% in 2017 putting an in­creas­ingly big bur­den on those buy­ers least able to pay,” he said.

“This would have had the ef­fect of hold­ing back the first-time buyer’s de­ci­sion to get on to the hous­ing lad­der. This re­sulted in larger num­bers of first-time buy­ers stay­ing at home and/or tak­ing the de­ci­sion to go into rented ac­com­mo­da­tion.

“For those first-time buy­ers al­ready look­ing for prop­er­ties, the sav­ing may al­low them to pur­chase a prop­erty which pre­vi­ously was just out of their price range, so giv­ing them some more choices to buy.

“The ad­di­tional sav­ings could re­sult in more at­trac­tive mort­gage op­tions on the ba­sis of, the higher the de­posit, the bet­ter the rates avail­able through lenders.

“So, the £5,000 tax sav­ing could ul­ti­mately re­sult in a much greater amount of money be­ing saved by get­ting a bet­ter mort­gage deal.

“Hope­fully the feel­ing that the govern­ment is do­ing some­thing pos­i­tive will build fur­ther con­fi­dence, which is a big fac­tor af­fect­ing cus­tomer de­ci­sions to buy.”

Re­search by Ward & Part­ners shows four out of five first-time buy­ers in the county are look­ing at homes priced up to £300,000 so will be in line for the max­i­mum stamp duty sav­ing, of £5,000.

For in­for­ma­tion on the Herne Bay house ring 01227 469685

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