Early Christmas present for Northern Ireland’s first-time buyers
Stamp Duty will be scrapped immediately for first-time buyers of homes below £300,000, as the Chancellor revealed his latest budget.
Phillip Hammond said the move would cut the tax for 95 per cent of first-time buyers – and abolish it altogether for 80 per cent of them.
Neil Templeton, Director Templeton Robinson Ballyhackamore, said the news was a welcome boost for first time buyers here.
“The increase in the Stamp Duty cap from £125 000 to £300 000 immediately puts the vast majority of those looking to get on the housing ladder in a better financial position than before.
“A first-time buyer purchasing a home at, for example, £175 000 will now save £1000 in tax.
“With the competitive mortgage market, this is an excellent time for young people to purchase their first home.
“And with the Northern Irish housing market proving to be very resolute in the face of much uncertainty, this will be a further boost to the local economy.”