Maximising first-time buyer purchasing power
1st March 2024
- Stamp Duty Land Tax has hit the headlines again recently with Rightmove urging the Chancellor of the Exchequer to reform Stamp Duty in the Spring Budget. There is a Stamp Duty threshold of £250,000 in England (£425,000 for first-time buyers) and £225,000 in Wales (Land Transaction Tax).
- Regional price variations mean that first-time buyers may have to factor Stamp Duty into their often tight budget. First-time buyers can maximise purchasing power by reducing Stamp Duty liability and this could mean widening the search areas for their first home.
- Analysis by Dataloft reveals that throughout 2023, 75% of homes across England and Wales were sold at prices below the Stamp Duty threshold for first-time buyers. However, there was a large regional variation and this figure was as low as 35% (Greater London) in some areas and as high as 98% (County Durham) for others.
- Our map shows that a distinct north-south divide remains across the country and with hybrid working becoming a more permanent style, there is still a great opportunity for first-time buyers in the south to consider relocating further north. Source: #Dataloft, Land Registry 2023
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