Budget boost for Kent's First-Time Buyers and Property Market

16 March 2005

First-time property buyers in Kent were given a huge boost in Gordon Brown’s Budget which will help revitalise the county’s housing market, according to solicitor James Pigott, head of residential property at Furley Page law firm.

The Chancellor doubled the Stamp Duty threshold to £120,000, realising a saving of up to £1,200. Mr Pigott said: “With property prices having increased so dramatically in Kent over the last few years, Stamp Duty Land Tax has become one of the largest items of expenditure when buying a home or investment property.

“The increase in the threshold should help Kent’s first-time buyers get on the first rung of the property ladder with a tax saving of up to £1,200. It may also stimulate the buy-to-let market especially if flats and smaller properties are priced attractively to fall in the ‘tax-free’ bracket.”
 

Mr Pigott, a partner at Furley Page, added: “While the anticipated property crash has not occurred, there are certainly some attractively priced properties currently on the market in the county. I would anticipate that an increase in the first timers market as a result of the tax change should help in revitalising the property market in general this spring.”

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