As we enter what is traditionally, and hopefully, the peak period for selling your house it is very clear that the government initiative announced in November’s autumn statement to give first time buyers the chance to benefit from a first time buyers SDLT exemption is having a marked effect.
Arguably the recent changes in the SDLT rules introduced over the last 3 years have all benefited the property market with volumes of transactions and market activity now increasing in many areas of the UK.
The first time buyers exemption can save the lucky ones who qualify as much as £5,000.00 as the first £300,000.00 is tax fee provided the first time buyers buy for less than £500,000.00.
This gives this group of people a real incentive to buy which then releases their sellers to buy further up the property ladder so generating movement throughout the property market.
This is not legal advice; it is intended to provide information of general interest about current legal issues.