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Figures reveal £284 million saved following Stamp Duty reform

HM Revenue & Customs (HMRC) has published data which reveals that more than 100,000 first-time buyers have benefited from the Stamp Duty Land Tax (SDLT) reforms announced at the last Budget.

During the period until 30 June this year, 121,500 first-time buyers saved a combined total of £284 million according to HMRC.

First-time buyers who purchase homes of £300,000 and below pay no SDLT, while those purchasing properties up to £500,000 pay no SDLT on the first £300,000.

It is estimated that the policy will help more than 1 million people make the step onto the first rung of the housing ladder over the next five years.

Mel Stride MP, the Financial Secretary to the Treasury, said: “Once again, we can see that our cut to SDLT for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.

“In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.”

Jackie Prior, an Associate Director and Mander Hadley’s Head of Residential Conveyancing,

said: “The cut in SDLT, along with schemes such as the Help to Buy equity loan, Help to Buy ISA and Lifetime ISA, which can be used to save for a first home purchase or for later in life, have all been helpful in providing first-time buyers with additional assistance to get onto the property ladder.

“One important change that all purchasers will need to be aware of is the recent announcement that the window for making SDLT payments, following the completion of a property purchase will be shortened from 30 to just 14 days, affecting completions after 1 March 2019.

“However, this is only expected to have a significant impact on homebuyers who file their own SDLT return without the assistance of a professional advisor and underlines the importance of using an expert conveyancing specialist who will be able to ensure that the SDLT deadline is not missed.”

For help and advice on all aspects of conveyancing, please contact us.

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