Stamp duty change is of little benefit to first time buyers in Chiswick

Nov 25th 2017

Many first time buyers in London are exempt from stamp duty on the first £300,000 of homes worth up to £500,000

With the average first-time buyer home in London now costing £479,000, according to estate agent Savills, the relief cuts the stamp duty bill by about £5,000.

London, where the average first-time buyer spends £422,000, the savings are small relative to the other hurdles associated with buying a first property. Compared to the cost of the deposit it’s not a big saving. Soaring house prices and the income required to obtain a large mortgage remain the biggest problems.

Christian Harper, owner at Harper Finn: “It wont make the blind bit of difference in London and certainly not in Chiswick. It’s been quite some years since a property sold at less than £300k so it won’t make the dream of home-ownership more achievable.”

MoneySavingExpert has updated its stamp duty calculator to reflect the change.