As you may or may not have heard there is a new stamp duty threshold of £250000 for firsttime buyers. This means that for anyone who is buying there first home will not have to pay stamp duty unless the house value is above £250000.
So remember to bear this in mind when selling your home, if you are hoping it will be snapped up by first time buyers you can probably get away with raising your asking price a bit, but not too much as you will over value your house and make it a poor option.
For example if you value your house at £250000 a first time buyer will pay no stamp duty, but if you value your house at £250001 the first time buyer will pay around £7500 in stamp duty, effectively reducing your house to a real market value of around £242500 and potentially losing you the sale.
So remember if your home is valued at over £250000, you may be better off reducing your price in order to sell your house.
Also remember that is you are buying your first home, this double in the threshold means that you can now spend around £2000 more for every £100000 of asking price, on your new home up to £250000.
