- Nearly half a million (464,700) first-time buyers have benefitted from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced following the Budget in November 2017, each saving on average £2,387.
- Zero tax is charged to first-time buyers on property purchases between £125,000 and £300,000, which account for 77% of benefitting purchases. The standard 5% SDLT (stamp duty land tax) is charged between £300,000 and £500,000. Properties purchased under £125,000 are exempt from taxation for all purchasers.
- 62,800 first-time buyers benefitted from the scheme in the final quarter of 2019, the highest quarterly number since its inception, as first-time buyer numbers hit record levels in 2019.
- Across Wales all purchasers purchasing a property with a value of less than £180,000 are eligible for Land Transaction Tax Relief. This will undoubtedly include the vast majority of first-time buyers, as the average price of a first-time buyer property across the country is £149,000.
- The government have recently announced plans for a First Home Scheme, whereby local buyers would benefit from a 30% market price reduction on the price of their first home.
After a night of drama Boris Johnson has returned to Number 10 with the largest Conservative majority since Margaret Thatcher in 1987.
The markets reacted positively to the news, the value of Sterling rising against both the US$ and hitting its highest level since July 2016 against the Euro. On the stock market the FTSE 100 share index rose 1.8%, while the FTSE 250, which includes more UK-focused shares rose 4%, hitting a record high.
A poll prior to the election by YouGov indicated 14% of people considered housing a ‘top three’ priority in the election, with housing considered more important than education, defence and welfare benefits.
Key Conservative housing manifesto pledges include increasing housebuilding, supporting first-time buyers and maintaining ‘Right-to-Buy’, leasehold reform and reforms to the rental market including ending no-fault evictions and the introduction of so-called ‘lifetime’ deposits. Non-UK resident purchases may now face a 3% additional taxation levy, up from the 1% mooted by Theresa May.
Great to see our branches joining in with the Christmas spirit this year..
After a really fun day for all involved we are really pleased to hear that the fayre raised in excess of £2,000.
Congratulations to all involved and we look forward to supporting your next charity event!
We are very pleased to announce the opening of our new Park Gate office..
Park Gate is the latest addition to our branch network and we are excited to announce its opening and welcome the existing staff to the THB team. We feel this branch location will further strengthen our coverage of the area which will help our clients receive the very best coverage and exposure.
If you are passing the office why not pop in and meet the team!
It is encouraging to see that the number of new homes being built nationally continues to increase which is delivering quality homes to support the growing demand for housing both locally and nationally.
The Help to Buy initiative has certainly contributed to this increase and is helping make property ownership possible for buyers that might otherwise have not been able to afford to buy.
- The Help to Buy equity loan scheme was first introduced in April 2013, to provide government loans of up to 20% of the cost of new properties under £600,000. In February 2016 it was extended to provide loans of up to 40% of the cost of new properties in London. Since its inception, the scheme has helped over 120,000 buyers to purchase a new property, which has undoubtedly provided a boost to the new build sector.
- The proportion of new build properties bought with the use of a Help to Buy equity loan has been steadily rising. We estimate that in the first quarter of 2017, just under half (48%) of all new build properties were bought with the assistance of Help to Buy.
- Recent reports in the press have suggested that the government has asked the London School of Economics (LSE) to review the scheme and rumours abound that the scheme may be ended early. The DCLG have since released a statement confirming their continued commitment to the scheme until 2021.
- This will come as a welcome relief to new build developers who have become increasingly reliant on the scheme, although there is still the possibility that the price threshold might be reduced.
Speak to our New Homes department today to find out which new developments we have in the areas you might like to buy: http://bit.ly/contact_us_thb
Click here to book a free valuation of your home: http://bit.ly/book_a_free_valuation