New stamp duty threshold provides great opportunities for first time buyers

If you are in the market for a new property, it is very likely that you have heard about the latest stamp duty announcement which was made by Chancellor of the Exchequer Kwasi Kwarteng, as part of the government’s “mini-budget.” 

If somehow you have missed the news, your week is about to significantly improve, especially if you are a first-time buyer in East Lancashire.

The new threshold for paying the tax in England has now doubled from £125,000 to £250,000, while first-time buyers will not need to pay stamp duty on the first £425,000 of a home purchase, a figure which previously sat at £300,000.

Unlike previous stamp duty cuts, which have been temporary, this one is here to stay and with the value of the property first-time buyers are able to claim stamp duty relief on, also rising, this time to £625,000, now is the time to buy.

Here at Property Shop, we have a fantastic range of properties which are exempt from stamp duty for first-time buyers, including this beautiful four-bedroom property available in Oswaldtwistle.

Following the announcement, Rightmove revealed that a third of all homes currently for sale (33 per cent) are now completely exempt from stamp duty in England. In comparison, only 7 per cent were exempt when the threshold was £125,000.

With traffic to the Rightmove website also increasing by 10 per cent within an hour of the tax cut and two thirds of properties in England (66 per cent) now exempt for first-time buyers, it is clear that demand is about to increase across East Lancashire.

The average house prices* in Burnley (£135,579), Accrington (£130,626), Pendle (£153,057) and Ribble Valley (£237,605) are all now exempt for stamp duty.

Steven Chippendale, managing director of Property Shop, said: “The new stamp duty announcement is fantastic news for both sellers and first time buyers across East Lancashire. 

“We have a large number of properties available which are all exempt from the tax under the new threshold and we recommend browsing through our available properties and then getting in touch with the team to book a viewing.

“Demand is clearly going to be very high over the next few weeks and months, and now is the time to sell. If priced correctly, on average we sell houses  within three weeks (subject to contract). List now to sell before Christmas.”

You can check out all the properties currently listed for sale with Property Shop here: https://propertyshopltd.com/

Our Accrington office is located at 11-13 Blackburn Road, Accrington, BB5 1HF. You can call 01254 350 122 or email [email protected]

Our Burnley office is located at 7 Grimshaw Street, Burnley, BB11 2AS. You can call 01282 899 892 or email [email protected]

*Average house price statistics from Rightmove (September 2022)