According to research, an estimated 121,500 first-time buyers saved a massive amount, totalling £284,000,000, due to gaining the advantage of the government’s cut to stamp duty. This was proven by recent statistics this week, which cover the period until the 30th June this year. In addition, it is predicted that the government’s flagship housing policy can aid more than 1 million people onto the housing ladder, within the next five years.
From the data, it has been discovered that first-time buyers that have purchased properties that were priced £300,000 and below are now paying nothing towards stamp duty at all. On the other hand, the first buyers that bought properties that were up to £500,000 will receive benefits from a stamp duty cut.
Moreover, the government has a plan to make housing cheaper and affordable which they have made a long-term obligation to. With this being said, the chancellor publicised that at least £44 billion for housing – which includes at least £15.3 billion of financial support for house building. This is a section of the Autumn Badge housing package, where this will occur over a period of five years. They have a goal to build 300,000 new properties a year in the regions that need them and also to inspire the good use of land in cities and town.
Adding onto the government plans, they have backed schemes which include Help to Buy equity loan, Help to Buy ISA and you can also make your money extend more by opening a Lifetime ISA. This is so you can save for your first home or for the future.
About the Author
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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