Reaction to Chancellor Hammond's abolition of stamp duty for homes under £300,000
22 November, 2017Brian Wilkinson
In the recent Autumn Budget, Chancellor Hammond capped off his hour long address by abolishing stamp duty for first time buyers on homes under £300,000. It is said that 95% of first buyers would see the stamp duty cut and 80% would pay none at all.
Brian Wilkinson, Managing Director for Corporate and Professional Qualifications reacted positively towards this:
“Any measures that help first time buyers take the first step on the housing ladder are welcome. Increased funding and measures to promote more house building, along with the abolition of stamp duty for first time buyers, could be a really helpful boost for the sector. Advisers tells us that one of the most enjoyable and rewarding aspects of the role is helping consumers achieve their life goals.
Buying your first house is one of the biggest life goals for most and CEMAP-trained mortgage advisers do a fantastic job in helping consumers to select an affordable mortgage that is financially sustainable. Legal & General’s Mortgage Club revealed that there are there are 29,886 products available to intermediaries and just 3,721 direct only products in 2017. A trained broker can help consumers to select wisely from a crowded market, where it is often difficult to compare products and interpret terms.”