First-time buyers (FTBs) have been able to save more than £426 million through the government’s introduction of stamp duty relief last year.
As a result of over 180,500 FTBs being able to make considerable savings when getting on the property ladder, many new owners will be able to do home improvements to get their house the way they want it.
Whether they opt to build an extension or buy a pre-owned kitchen, more people will have spare money thanks to the government abolishing Stamp Duty Land Tax (SDLT) for FTBs purchasing homes worth less than £500,000, which was introduced on November 22nd 2017.
Financial secretary to the Treasury Mel Stride said: “These statistics show that the government was right to offer a helping hand to first-time buyers.”
Between July and September alone, the relief was claimed in over 58,800 property transactions, which represents 21 per cent of all residential purchases, showing just how helpful it has been to those who wanted to fulfil their ambition and become homeowners.
This is an increase of 12 per cent from the previous quarter, proving that more and more FTBs are benefiting from the relief.
New homeowners who want to renovate their kitchen to make it feel like a dream house do not have to spend a fortune.
Real Homes recently suggested saving as much as you can use from your old kitchen as possible, from old cabinets that can be moved to the utility room or cutting existing worktops.
You could also sell your old kitchen to a new owner, helping you to make money and save on the cost of getting new cabinets and appliances.