Stamp Duty Budget Announcement
The budget statement provides for a stamp duty exemption on properties with a value of up to £250,000 from midnight 24th March for a period of 2 years. This will only apply to first time buyers.
This is to be welcomed as the previous adjustment on properties up to £175,000 was less relevant to the south east than other areas in the country.
Hopefully, this will encourage buyers considering entering the market for the first time to make decisions to press on.
Properties with a price tag of £1m + will see stamp duty rise from 4% to 5% resulting in a minimum of £10,000 hike in tax for purchasers of this type of property. We understand that there is no timescale on this other than the rise is from midnight 24th March.
On a general note the market remains busy but with more sensitivity on prices than this time last year.
New properties that are completed and well presented property are selling well.