Budget 2017 - Stamp Duty changes, how will they impact on you and the Welling Property Market

Well I wasn't expecting that!

In the Budget report of Wednesday 22nd November Chancellor Philip Hammond made the announcement that with immediate effect Stamp Duty for first time buyers would be removed for anyone purchasing up to £300,000.

Whatsmore, if purchasing between £300,000 and £500,000, the first £300,000 would be exempt from Stamp Duty, again, only for first time buyers. 

This is great news for the lower end of the housing market, and for young first-time buyers so reliant on the Bank of Mum and Dad to fund their first step on to the housing ladder. 

But its bigger than that.

This will have a positive impact on the middle of the housing market. With first time buyers getting assistance on to the ladder, those looking to make a second step, from flat to house maybe, will have more potential buyers for their property, and find moving upwards easier. In turn, those looking to move from small house to large, or even retired people looking to downsize from house to bungalow, will find more activity below them, and more potential buyers for your property can never be a bad thing. 

In short, the more people getting on to the ladder, the more activity you are likely to see in general, so if you own a home already, this is good news. 

Will prices go up?

More buyers, and more activity, could in theory mean higher prices. But lets be realistic, it won't have an instant impact. What is more likely to assist in the short-term is a good news story about the housing market, it is just frustrating that the news has come at a time when we slow down until Christmas. A big January re-annoucement would be very welcome. It's a small step given the Stamp Duty amount in question is relatively low, especially with deposit requirements still being so high, but any step, small or otherwise, in the right direction is a good thing. 

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