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Will the stamp duty cut really help first-time buyers?

In last week’s Autumn Budget, stamp duty was abolished for first-time buyers on homes under £300,000.

This policy is part of a package of measures designed to help first-time buyers to access the housing market.

While this is certainly good news for lots of people, will this change really help first-time buyers make their first step onto the property ladder?

McGale Kelly partner, Barry McCaul thinks not.

Chancellor of the Exchequer Philip Hammond’s announcement was quickly followed by a report from the Office of Budget Responsibility (OBR) showing the policy change may push up house prices, meaning first-time buyers will actually pay more.

Its review said, “Thus the main gainers from the policy are people who already own property, not the first-time buyers themselves.”

So, how likely are first-time buyers saving for a deposit likely to benefit?
McGale Kelly partner, Barry McCaul said, “Stamp Duty change is a headliner grabber that makes no real headway towards helping people get on the property ladder. The big problem that still remains is gathering together your deposit. Cutting stamp duty helps but it is not the difference between buying or not buying your first home.”

HERE TO HELP

Whether you are buying or selling a house, renting, remortgaging or even in a dispute with a neighbour it can prove to be a stressful time.

If you are venturing into the property market for the first time or on the move, McGale Kelly’s experienced team of conveyancing solicitors are here to ensure that the process is as smooth as possible.

We understand that buying and selling a property can be at times confusing, especially if you have never been through the process before. That is why we are here to help remove all the stress and worries with the knowledge our solicitors will be on hand to manage your case from start to finish.

Always rest assured, the McGale Kelly team are only a phone call away offering advice and information on all matters relating to buying and selling residential property.

For further information please give us a call on 028 8224 3621 or email: info@mcgalekelly.co.uk

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