Autumn Budget 2017: Where first-time buyers will find the biggest stamp duty savings after it’s scrapped on property under £300,000
First-time buyers are being treated by the chancellor to a helping hand (albeit small) when it comes getting on the property ladder.
Philip Hammond abolished stamp duty on homes under £300,000 for them – something that is expected to help out 80 per cent of newbies.
Halifax has handily calculated just how much first-time buyers stand to save across the country, based on the average price of properties bought by first timers.
Read more: Hammond abolishes stamp duty for first-time buyers
Naturally, that means that Londoners stand to make the greatest savings, though they are already forking out a large amount due to high property prices.
And there’s one location where the offer is pretty much worthless because the average price of a new home does not scrape past the minimum £125,000 at which the tax first applies – Northern Ireland.
Experts have warned however that it could cause prices to inch up though.
Here’s their calculations….
Region
Average Price For a typical FTB home (Oct 2017)
Stamp Duty Payable thismorning (22/11/2017)
FTB Stamp Duty now after Budget
Savings
North
£126,237
£24
£0
£24
Yorkshire and Humberside
£140,122
£302
£0
£302
North West
£149,539
£490
£0
£490
East Midlands
£162,844
£756
£0
£756
West Midlands
£167,274
£845
£0
£845
East Anglia
£206,339
£1,626
£0
£1,626
Wales
£139,281
£285
£0
£285
South West
£205,485
£1,609
£0
£1,609
South East
£278,965
£3,948
£0
£3,948
Greater London
£421,216
£11,060
£6,060
£5,000
Northern Ireland
£120,205
£0
£0
£0
Scotland
£139,870
£297
£0
£297
UK
£211,980
£1,739
£0
£1,739