Stamp duty cut from today

Ftbnewbie

Stamp duty on houses up £300k and up to £500k in London abolished from today. So glad I’m only exchanging and completing next week.

Firsttimebuyers

Great news!

kingstreet

Ftbnewbie wrote: »

Stamp duty on houses up £300k and up to £500k in London abolished from today. So glad I’m only exchanging and completing next week.

FTB purchases upto £300k exempted.

FTB purchases in London, first £300k of upto £500k exempted.

HampshireH

Very very good news for first time buyers :beer:

Ftbnewbie

Such great news. Only saving me a couple of hundred pounds but better in my pocket, and great news it’s with immediate effect x

dannyrst

A month too late...

lincroft1710

So where will the money come from that the Government have lost by FTB SDLT exemptions?

samsam89

Great news for FTB's, but not for those hoping to move up the ladder and are still hindered by duty.

obay

I'm a year too late!

Oh well. The best news for FTB now. My sister has this golden opportunity to now go out and buy a house but she is still stuck at home with my ma and pa.

She's a lot older then me but I do not think it'll change her tone..

Lokolo

lincroft1710 wrote: »

So where will the money come from that the Government have lost by FTB SDLT exemptions?

I suspect this amount is pretty insignificant in terms of stamp duty collections.

A couple of years out of date but

In 2015-16, there were 654,000 first time buyer households in England. This equates to approximately 3% of all households in England and 5% of all owner occupier households.

So not only is it a small proportion of purchases that are FTB, the chances are the SDLT for FTB will be lower than those selling and purchasing (assuming people upgrade more than downgrade).

Thrugelmir

lincroft1710 wrote: »

So where will the money come from that the Government have lost by FTB SDLT exemptions?

Out of the bigger pot.