SCRAPPING STAMP DUTY ON SHARED OWNERSHIP HOMES MEANS A ‘BRILLIANT BUDGET MOVE’ FOR MUIR RESIDENTS
THE decision to scrap stamp duty on shared ownership homes means an even better option for buyers, a Muir director has said.
Making shared ownership even more affordable has opened the door wider for people and families seeking the security of their own home.
In his Autumn Budget, Chancellor Philip Hammond said first-time buyers of shared ownership homes, like those offered by Muir, no longer need to pay stamp duty.
“This is fantastic news for first-time buyers looking at shared ownership with Muir,” said Sam Scott, the association’s Executive Director of Operations (pictured).
“It may mean residents already renting with Muir can now afford to make the step into home ownership, which would be brilliant.
“Muir prides itself on offering quality affordable housing.
“What was already a great alternative to escalating house prices has just been made even more accessible."
Shared ownership lets people buy between 25%-75% of a property – helping them onto the housing ladder at a more affordable price.
The Chancellor also backdated the ruling to take effect from last year’s Budget, meaning anyone paying stamp duty on a shared ownership home since then will see it returned.
The ruling applies to properties costing less than £500,000.
Previously, buyers could have expected to pay stamp duty of up to 5%.
To learn more about shared ownership with Muir, and see what properties are available, visit https://www.muir.org.uk/looking-for-a-home