Will the stamp duty cut really help first-time buyers?
- November 28, 2017
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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.”
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