The changes arranged by Stamp Duty have made it more inexpensive for young professionals to buy their first home.
Nearly all young people desire that glorious moment when they would be able to move from a rented space into a house they can call their own. To this point in 2015, 139,500 first time buyers have successfully achieved this ambition and walked into the property ladder.
The modification of Stamp Duty came as welcome news for the prospective first time buyers as the changes have led to major savings for those people buying their very first property.
The Stamp Duty Land Tax development made by the Chancellor, means that potential buyers are no longer weighed down with paying loads of pounds aside from their initial deposit fee and other bills; and instead will pay a tax that reflects the property or asset value.
Through the reforms of stamp duty, London citizens are saving a standard amount of £3,154 on their very first home. These reforms were meant to help young families and professionals into the property ladder, and it has been a tremendous success so far.
These savings indicates that potential buyers will have more cash for the first deposit on the mortgage, giving them improved flexibility on their mortgage payments.
The first half of 2015 has shown signs of enhanced mortgage activity as the economy continue to improve; rates of mortgage interest remain low, and the revision in stamp duty produce more reason to buy.
It is anticipated that these factors could show the way to even more people buying their first homes in the next half of 2015.