In November 2017, the Government made amendments to the Stamp Duty Land Tax (SDLT) thresholds across England, Wales and Northern Ireland. One of the main beneficiaries was expected to be first-time buyers (FTBs).
In brief, the changes to SDLT meant first-time buyers wouldn’t pay any stamp duty on properties valued up to £300,000 and 5% levy of SLDT on the portion between £300,000 and £500,000. Previously, Stamp Duty was applied to the following thresholds:
- 0% up to £125,000
- 2% between £125,000 and £250,000
- 5% between £250,000 and £300,000.
So, a marked opportunity for FTBs. In the areas Michael Anthony Estate Agents serves, we’ve also seen a positive uplift that has helped FTBs onto the ladder. In the towns we’re represented; Aylesbury, Bletchley, Hemel Hempstead, Milton Keynes and Tring, many of these have been identified as areas where house building should increase to make more properties available – this too has assisted the FTBs onto the ladder.
The picture being seen across the UK is that thousands of first-time buyers have been helped by the stamp duty exemption, according to new figures – but a drastic increase in affordable housing is still essential to help many more people get a foot on the property ladder.
When you think of FTBs buying, you’d automatically think only brand-new homes would be suitable and affordable, but not so, as Michael Donnachie, Senior Partner for Michael Anthony commented recently: “We’re helping more and more people get on the ladder; generations of the same family are coming back to Michael Anthony because of the service we continually provide, and that’s replicated across all our branch offices.
With the stamp duty changes, we’ve seen a change of thinking from local community residents. They are taking advantage of the stamp duty relief, but there’s also welcome initiatives that we are proud to get involved in. The first of these is Your Home from Heylo. This allows you to purchase your dream home with only 10% deposit and you rent the rest – the beauty of this scheme is that it excludes new build properties, you can only buy long-established properties.
We’re also a member of the Relocation Network meaning if you are relocating to Beds, Bucks and Herts or away, we can help you adjust to the area or introduce you to a similarly professional agent in the area of the country you are moving to.
“We’re helping more and more people get on the ladder; generations of the same family are coming back to Michael Anthony because of the service we continually provide; and that’s replicated across all our branch offices.”
Taking a whole market view, it’s positive for first time buyers and at Michael Anthony we’ll work hard to find your first home.”
To start your search, we’re just a phone call away:
Aylesbury 01296 433666
Bletchley 01908 648666
Hemel Hempstead 01442 260025
Milton Keynes 01908 393553
Tring 01442 891177