Further reading
Stamp duty cuts now see first time buyers paying no stamp duty up to £425,000 from what was originally £300,000 before. The value of the property on which first-time buyers can claim relief has been increased from £500,000 to £625,000. This will hopefully help towards the all-time high mortgage rates and allow people to get on the ladder a little easier.
Auctions cut out a lot of the stress in property purchases often being chain free with fixed completion dates. With first time buyers now able to save say £5k/£6k if buying at £425,000 this could go towards a new kitchen or bathroom on a house selling at auction needing some modernisation!
If you’re not a first-time buyer it has now gone up to £250,000 where as it was £125,000 so you will still see a saving, even if it just covers your solicitors fees! With this news hopefully the market will see an improvement now for the whole market and people who were maybe not wanting to buy right now will reconsider.
Take advantage of this cut now and search our database for auction properties coming up for auction near you www.eigpropertyauctions.co.uk/search
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
09/09/2024
EIG Property Auctions: Maximising Your Property Investment
For developers seeking their next renovation project, property auctions are the ideal place to find potential properties.
Buying at auction
29/08/2024
What is property auction finance?
Property auction finance is a specialised type of short-term lending designed to help buyers quickly secure the funds needed to purchase properties at auction.
Buying at auction
19/08/2024
The Two Main Types of Property Auction
There are two main types of property auctions: traditional property auctions and the Modern Method of Auction