Responding to Philip Hammond’s budget, Emyr Pierce, Managing Director of Emyr Pierce Solicitors, said: “The scrapping of Stamp Duty for first time buyers will clearly help all those getting on the property ladder for the first time but there will be major savings in London and South East where average prices will provide a £5000 saving on properties of £300,000 and above.
In Wales, subject to further deliberations from Welsh Government, this will currently only be available until 1st April 2018.
In Wales, if you base the savings on the average first time buyers’ purchases (between £150K and £200K) the saving will be £500 – £1500 respectively.
This will certainly provide a cash “bonus” (rather than a “windfall”) on purchasing for all first time buyers buying homes over £125K (of which there is a lower percentage in Wales than in the UK as a whole) particularly for those in the process of buying who have set aside the stamp duty which will now no longer be payable.
It is also worth noting that the Independent Office for Budget Responsibility claims that the main effect of the stamp duty announcement will be to raise house prices by 0.3%!!!