The Budget 2018

The Chancellor announce on 29 October 2018 that first-time buyers in shared ownership homes will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect. In England and Northern Ireland, the new stamp duty rates for first-time buyers purchasing shared ownership properties are as follows:

  • Up to £300,000 purchase price: 0% stamp duty
  • £300,000.01 to £500,000: 5% (on that portion of the purchase price only)

This means on a home worth less than £300,000, first-time buyers (both in and out of shared ownership schemes) won’t need to pay stamp duty.

The stamp duty relief will be extended to properties already bought by first-time buyers under the shared ownership scheme since 22 November 2017, provided they were valued at £500,000 or under.

A first-time buyer is anyone who hasn’t owned a property before anywhere in the world, whether bought or inherited.

Speak to one of our Property Team for further information.

 

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