Search

Norwich is among the best UK cities for first-time buyers to avoid stamp duty

The vast majority of homes in Norwich fall in the price bracket eligible for stamp duty relief for first-time buyers, a new survey has found. Picture: Archant

The vast majority of homes in Norwich fall in the price bracket eligible for stamp duty relief for first-time buyers, a new survey has found. Picture: Archant

Norwich is one of the top cities for first-time buyers wishing to take advantage of the stamp duty relief which came into force last year.

In last year’s Autumn Budget chancellor Philip Hammond announced that stamp duty land tax would be scrapped for first-time buyers on the first £300,000 for homes costing up to £500,000.

And research by L&C Mortgages has found Norwich is one of the best places to take advantage of the perk, with 87% of properties for sale between £125,000 and £500,000.

It was beaten only by Southampton, where 88% of homes fall inside the price bracket.

But the mortgage broker said that estimated house price rises over the next decade could take thousands of properties out of eligibility. Of 100,000 recent property sales in line to benefit from stamp duty relief, 30,000 will drop out of the bracket to be eligible for the tax break by 2028, the company said.


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press