The decision by the chancellor, Philip Hammond to remove the Stamp Duty burden for First Time Buyers may have come as a surprise to some but we see this as welcome news for those who have been struggling to get on the property ladder.
Phil Hayden, Area Sales Manager at Brian Holt Estate Agents says: “There was always an expectation that Stamp Duty was going to be a key element to this budget with many expecting a payment holiday of some sort. Though questions will be asked about how this will improve the wider housing market in general, there is no doubt that this is great news to those who have saved a deposit and primed themselves for their first property purchase.
“To anyone looking to buy a £300,000 home this means a saving of a cool £5,000. With the average house price in Coventry currently sat at around £202,000, this would represent a saving of just over £1,500 – money that can be well spent on other things – such as legal fees or furnishing a new home.
“As an independent estate agency we are very pleased with the change and the news also coincides with the Black Friday fee deals that we are offering up until the 8th December – all in all making it a great time to buy and sell."