There have been many updates made about what first-time home buyers can expect to deal with in the latter half of this year.
Conveyancing solicitors in North Wakes, for example, will be able to advise on recent changes to stamp duty and how properties worth up to £300,00 will be exempt from this tax – though this is a reduction from previous thresholds, pushing more first-time buyers into the bracket that requires stamp duty taxation. It has been acknowledged that this issue could be one factor preventing people from purchasing their first home.
Since it is anticipated that more first-time buyers will end up paying stamp duty, there are several schemes that have already been introduced to help this cohort. The Help to Build and Shared Ownership Scheme are just some of the initiatives available.
Most in the finance sector predict that house prices will continue to rise in 2025 – though not drastically – and that while mortgage rates will remain unpredictable, they are not expected to rise too much more.
One of the many suggestions offered by mortgage lenders and solicitors in North Wales is for first-time buyers to use the best legal and financial advice they can find before committing to buying a new property. Legal experts can provide information on the various options available currently.
Have a conversation today with one of our specialists at Bennett Smith Solicitors, and ask them for advice if you are a first-time home buyer.
