🌟 First Time Buyers Act Now as Labour Plans to Cut Stamp Duty Relief 🌟
As Labour plans to cut stamp duty relief for First Time Buyers, here we look at the figures, the impact on the market, and what first-time buyers should consider now. 🏡
Labour has said the nil rate band for stamp duty will revert to £300,000 from the current level of £425,000 in April next year (2025). Not the news first-time buyers will want to hear. 😔
On the other hand, Labour has said it will make it easier to secure a property under a Freedom to Buy scheme. A scheme designed to ensure low-deposit mortgages are available for first-time buyers. 💡
Whilst neither of these pledges are likely to have a significant impact on transaction volumes or property prices, it is information first-time buyers need to consider when making plans for the coming months. 📊
Our advice to first-time buyers would be to seek mortgage advice as soon as possible. Whilst it can be convenient to go directly to a mortgage lender, shopping around is crucial. It ensures you get the best deal tailored to your financial situation and property goals. 💰
If you're embarking on your property journey in Gravesend, don’t navigate it alone. Our in-house mortgage broker works for the Mortgage Advice Bureau and can meet with you in our office or have a chat over the phone. 🗣️
Don't hesitate, contact the office ... we are here and ready to help in whatever way we can. 🤝
📞 01474 321957
📧 sales@mandmprop.co.uk
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