Search

House buyers in Norfolk to benefit from changes to stamp duty

PUBLISHED: 10:26 24 November 2017 | UPDATED: 10:30 24 November 2017

Picture: Simon Finlay

Picture: Simon Finlay

ARCHANT NORFOLK

Estate agents have said that first time property buyers in Norfolk will benefit from the changes to stamp duty announced in the government’s autumn budget.

With immediate effect stamp duty, a fee paid to the government when a home is bought, will be abolished for first-time buyers on properties worth up to £300,000 or on the first £300,000 of a property worth up to £500,000.

The average property price in Norfolk currently stands at around £250,000, which means many first time buyers will no longer need to pay stamp duty, potentially saving them over £2,000.

Elton Macguire, branch manager of Haart in Dereham, said: “Hopefully this will boost the market next year and help people that really need it to get on the property ladder for the first time.

“This change could give first time buyers a nice head start and we’re hoping it means people can buy a property sooner rather than later as they will no longer need those extra six months to a year where they’d normally have to save for stamp duty funds.”

Isabelle Glover, an estate agent for Pure North Norfolk, also said she expects Norfolk to benefit from the change.

“I think it is great and a positive change that will help people across Norfolk,” she said.

When Chancellor Philip Hammond announced the measure at the House of Commons on Wednesday, he said: “When we said we would revive the home owning dream in Britain, we meant it.”

However the economic watchdog, Office for Budget Responsibility (OBR), has warned that the measure may not be as beneficial as it initially appears and it could lead to a rise in property prices of about 0.3pc, with the largest increase coming in 2018.

This means that some first-time buyers could find themselves paying more than they otherwise would.

In an interview with Sky News, shadow chancellor John McDonnell also criticised the change. “You only do that when you are increasing housing supply and if you don’t increase housing supply, exactly as the OBR is saying, prices will go up,” he said.

Mr Hammond has rejected the criticisms and highlighted that the government has also pledged to also invest an additional £15 billion into housing with the goal of building 300,000 new homes each year by the mid-2020s.

Other news

16:06

He has captured some of the most magnificent pictures of Norfolk from above.

12:20

Two Norfolk women woke up to blisters, aches and pains on Sunday morning after they took on an extremely unusual fundraising challenge – walking 26-miles on three legs.

Yesterday, 16:41

Four Norfolk students are preparing for an adventure on the other side of the world where they will undertake humanitarian work.

Yesterday, 14:05

Concerns that a fatal disease in dogs could have been found for the first time in Norfolk, appear to be unfounded according to a number of vets.

Most Read

Yesterday, 11:30

It was a day that will never be forgotten in Fakenham.

Read more
Yesterday, 11:52

An 86-year-old man was left with life-changing injuries after he was trapped in a bath with scalding water pouring in.

Read more
Norfolk District Council
Fri, 15:09

Tourism and hospitality businesses in Norfolk are braced for an influx of visitors and a bumper weekend.

Read more
United Kingdom
Thu, 17:26

The One Show was being filmed in Fakenham on Thursday.

Read more
Yesterday, 11:41

A voluntary group in Fakenham has celebrated the work of two up and coming photographers, as part of their goal of showcasing local talent.

Read more
Richard Crook

Local Weather

Rain

Rain

max temp: 21°C

min temp: 11°C

Show Job Lists

Digital Edition

Image
Read the Fakenham and Wells Times e-edition today
E-edition

Newsletter Sign Up

Fakenham and Wells Times weekly newsletter
Sign up to receive our regular email newsletter