This year is a leap year – the 29th February only occurs every four years…
Nearly half a million (464,700) first-time buyers have benefitted from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced following the Budget in November 2017, each saving on average £2,387.
Zero tax is charged to first-time buyers on property purchases between £125,000 and £300,000, which account for 77% of benefitting purchases. The standard 5% SDLT (stamp duty land tax) is charged between £300,000 and £500,000. Properties purchased under £125,000 are exempt from taxation for all purchasers.
62,800 first-time buyers benefitted from the scheme in the final quarter of 2019, the highest quarterly number since its inception, as first-time buyer numbers hit record levels in 2019.
Across Wales all purchasers purchasing a property with a value of less than £180,000 are eligible for Land Transaction Tax Relief. This will undoubtedly include the vast majority of first-time buyers, as the average price of a first-time buyer property across the country is £149,000.
The government have recently announced plans for a First Home Scheme, whereby local buyers would benefit from a 30% market price reduction on the price of their first home.