The First Time Buyers’ Relief was introduced following the Budget in November 2017. Since then, almost half a million first-time buyers (464,700) have benefited from over £1.1 billion of tax duty relief, each saving on average £2,387.
Under this scheme, all first time buyers purchasing properties between £125,000 and £300,000 have been eligible for zero tax (77% of benefiting purchases). The standard 5% Stamp Duty is charged between £300,000 and £500,000, while properties under £125,000 are exempt from taxation for all purchasers.
62,800 first-time buyers benefited from the scheme in Q4 of 2019, and first-time buyer numbers hit record levels in 2019.
The government have also recently announced plans for a “First Homes” Scheme, in which new-build buyers in Lancaster and the rest of England would benefit from a 30% market price reduction on the price of their first home.
If you’re interested in finding out more about buying your first home in Lancaster, or if you would like to see the properties we currently have available for sale, please visit JDG.co.uk or call us on 01524 843322.