“First time buyers in Croydon to save £2.1million in less than a year”
The Croydon Advertiser reports that first time buyers in Croydon have saved more than their counterparts across London. This has been mainly thanks to changes in stamp duty laws, allowing these homeowners to get their foot on the property ladder with savings.
A total of £2.1million was saved by people buying their first home in Croydon since November 2017 when the changes were brought in.
The First Time Buyers Relief (FTBR) on Stamp Duty transactions have allowed Londoners to save an average of £4,300 when buying their first property.
How First Time Buyers Stamp Duty Relief works
If you – and anyone else you’re buying with – are first time buyers of a residential property you can claim relief:
· on purchases which are made on or after 22 November 2017
· where the purchase price is no more than £500,000
You then pay the cost of:
· 0% on the first £300,000
· 5% on the remainder up to £500,000
If the purchase price is more than £500,000 you can’t claim the relief and must pay the standard rates on the total purchase price.
Further guidance about Stamp Duty Land Tax: relief for first time buyers is available.
To claim First Time Buyers Relief, enter relief code ‘32’ in the SDLT return.
“Croydon is one of the more affordable boroughs in London, with some of the best transports links to the City, Canary Wharf and the West End. The borough also has a high number of new build developments such as Innova and Leon House. A combination of the Help to Buy Scheme and Stamp Duty Relief for First Time buyers is helping some Londoners achieve the dream of home ownership and Croydon is in prime position to capitalize.”Truuli Property Expert, Michael Fyffe