Norwich is among the best UK cities for first-time buyers to avoid stamp duty
- Credit: Archant Norfolk
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.