First time buyers in Nottingham have welcomed the cut in stamp duty – but now fear rising house prices and fees.
Chancellor Philip Hammond announced in the Autumn budget that stamp duty on all first time buyer purchases up to £300,000 will be revoked in order to help people get on to the property ladder.
Dan Clarke is saving to buy his first house and now is concerned that estate agents will take advantage by increasing their fees.
The 23-year-old, of East Leake, said: “I would like a guarantee that this will save us money but it does not look like it will.
“It looks like a benefit on paper but I’m concerned that it will just raise house prices as well as fees.”
However, there will be a number of young people in a slightly different position who can take advantage.
Teacher Liz Harrison, 25, said: “As we are very close to buying I think it will have a positive effect on us, as hopefully we will be able to buy before house prices start rising due to increased demand.
“Getting rid of stamp duty will save us a four figure sum that we can use to furnish our new home.”
The change will allow first time buyers to save on the amount of extra payments when buying a house.
Local estate agent, Elliot Brown from William H Brown, in Upper Parliament Street, said: “It is a positive thing as more people will be able to get on the ladder in Nottingham and for us a business as we will have increased custom.”
Mr Brown also added that the price of properties might increase.
He said: “Property will become more in demand so house prices will rise once this takes effect.”
Speaking at the budget announcement, Chancellor Philip Hammond, said: “The dream of home ownership will become a reality in this country once again.
“We do not underestimate the scale of the challenge, but today we have made a substantial down-payment.”
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