The 2018 Budget was announced at the end of October and a few headlines beginning with ‘Brexit’ and ending with ‘resignations’ may have taken the limelight since. However, lets go back to the new adjustments to Stamp Duty and how it effects people looking at homeownership through Shared Ownership.
Before the changes
Before this new budget the stamp duty exemption was for homes up to £300,000 and buyers were taxed on the full market value of the home rather than just the share they were buying. Also to mention that if the property was over £500,000 the buyer wouldn’t be eligible to any Stamp Duty reductions at all.
Great news for first time buyers
When Philip Hammond stood in the traditional pose holding up the red briefcase outside number 11 breaking news came out that there was good news for many first time buyers who were intimidated by the steep stamp duty fees. First time buyers purchasing a Shared Ownership home valued up to £500,000 will be exempt from the tax and the great news is that this applies to anyone who has bought a Shared Ownership home since November 2017.
What it all means
This is fantastic for many property hunters that have been struggling to the get on the property ladder and also for the new homeowners who may have been hit hard with the hefty stamp duty fees with Shared Ownership homes in the past. The slow market has now been perked up with and incentivised into action making this current market no better time
Find out how you can step on the property ladder with Shared Ownership with these great Stamp Study law changes