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First time buyers set to save thousands after the Chancellors Autumn Statement

By Nicki Treffers - 23 November 2017

Stamp Duty has been scrapped for first purchasers buying up to £300,000.

Terry Holmes, Beresfords Director gives his comments.

"Overall the fact that the property sector is seen as a priority by the Government judging by the measures contained in the Autumn Statement, is very welcome.

In particular the decision to scrap Stamp Duty for first purchasers buying up to £300,000 is great news. We’ve always seen it as a tax on first time buyers in London and the South East where prices mean that even the cheapest property will result in SDLT being paid whereas in other parts of the UK a middle earning professional could buy a family house and not pay a penny.

The announcement of 300,000 homes is a laudable objective but the Government promised 200,000 new starter homes only a couple of years ago which promptly disappeared off the radar. Previous governments of both political persuasions have been little better so we’ll have to wait and see.

It was 40 years ago that we last built 300,000 new homes in the UK and we're just not convinced that we have the planning infrastructure or deliverable land to take up that sort of slack. Builders want to build but we need a skilled labour force capable of that sort of volume and the exodus of EU citizens in the construction industry because of Brexit will present significant challenges in that respect.

We are also delighted about what the Chancellor didn’t say in the Autumn Statement as there had been rumours circulating that he might scrap HelpToBuy.

HelpToBuy lets people to move into a new home with as little as 5% deposit. Around 200,000 first time buyers have been able to get on the housing ladder as a result of the scheme so we have lobbied as an industry for it to be left alone and it looks as if the Chancellor has done just that.

It’s worth bearing in mind that before HelptoBuy and the change in Stamp Duty, a first purchase at £200,000 with a 20% deposit would have meant finding £41,500 compared to just £5,000 today!"

With the above in mind we have put together a selection of our top property picks under £300,000, have a read below.

Perfectly appointed in the ever popular area of New Town, Colchester is this beautiful two bedroom Victorian semi-detached family home, retaining its original character features yet enjoying a modern high gloss kitchen, original fireplaces, spacious lounge and dining room, study and cloakroom. On the second floor this spacious property benefits from two good size bedrooms and a well-proportioned family bathroom. Eternally the property shows off a spacious and well-presented rear garden.

Currently on the market with OIEO £230,000. For further information contact our Colchester sales office.

This 3 bedroom semi-detached property in Braintree has it all! With a detached garage, off street parking for several cars and located within a sought after residential turning. Having being updated and maintained by its current owners to a high standard, this property is perfect for both investors and home makers. Surrounded by local amenities, pleasant country trails and frequently requested schools.

Currently on the market with a Guide Price of £270,000 - £280,000. For further information contact our Braintree sales office.

A modern and well situated two bedroom first floor flat, located 0.6 mile walk to Romford Town Centre and Romford Main Line Station with the soon to be completed Crossrail (2018). The property benefits from a joint living/ dining room with a separate fitted kitchen space. The flat is set in a private gated development with gardens and parking space.

Currently on the market with a Guide Price of £280,000 - £290,000. For further information contact our Gidea Park sales office.

Situated within approximately 0.8 miles of Brentwood’s vibrant High Street with its comprehensive range of shopping and leisure. Brentwood mainline railway station which is within 1.3 miles providing a service to London Liverpool Street as well as the forthcoming Crossrail link expected 2018. This attractive two bedroom first floor apartment is situated within a small development. The accommodation provides two spacious bedrooms with the main bedroom offering built in wardrobes and an ensuite which has been recently refitted with a modern including a double shower cubicle. The family bathroom is also of a generous size offering a modern white suite. There is a spacious lounge/diner with a light and airy feel which leads on to the separate.

Currently on the market for £295,000. For further information contact our Brentwood sales office.

Situated on a walkway within the popular Chelmer Village development, is this three bedroom terraced house. The property benefits from a 21ft living/dining room, UPVC double glazing throughout, allocated parking and a garage on block. Aldridge Close has access to shopping facilities at the village square, local primary schools and access to the A12 and Chelmsford City Centre.

Currently on the market for £300,000. For further information contact our Chelmsford sales office.