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

Nov 25th 2017
Flats in Chiswick

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.