Helping First Time Buyers get onto the Property Ladder
The recent budget announcements have given first time buyers a very welcome ‘leg-up’ onto the property ladder.
Finance secretary Derek Mackay announced that first time buyers will not have to pay Land and Building Transaction Tax (LBTT) on properties up to £175,000. Mackay said, “As part of our support for housing, we are not just investing £3 billion over this parliament to increase the supply of affordable housing, but we will provide more support to help people to own their first home. These changes to LBTT mean 80% of first time buyers will pay no tax at all on the purchase of their first home.”
Great news for first time buyers who, in this difficult economy, find it difficult to get onto the property ladder. It isn’t uncommon to see children living with their parents into their 30’s, which can be difficult for both parties involved. This is a welcome move by the Scottish Government and it will be interesting to see the impact this announcement has on property sales over the next 12 months.
Are you a first-time buyer? Let us help you get onto the property ladder. Check out our properties for sale here. (link to property search for estate agency)