The government has announced a cut to stamp duty in Friday's (September 23) mini-budget - in a bid to help first-time buyers across the UK. Stamp Duty is the tax paid when people buy a property in England and Northern Ireland.
The threshold at which the tax falls has been raised to £250,000 from its current £125,000 level. Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000.
The changes may help 200,000 people from having to pay stamp duty. The value of a property in which first-time buyers can claim stamp duty relief on has also increased from £500,000 to £625,000.
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Anyone spending £250,000 on a property will avoid the £2,500 in stamp duties which were previously charged at 2% on properties between £125,000 and £250,000. Nottingham buyers should be able to take advantage of the changes and the area remains an attractive location for buyers looking to get on the property ladder. Prices remain lower across the country with high demand in areas such as West Bridgford, The Park and Sherwood.
There are plenty of properties up for grabs for buyers looking to settle in Nottingham. Shopping outside of the city centre may mean you get more for your money with more outdoor space.
Here are three which buyers can expect to save on:
A three-bedroom home in Bestwood.
£190,000
Property sale website Rightmove describes this semi-detached property as 'ideal for growing families or first-time buyers' thanks to its excellent location. It's near local shops, restaurants and has excellent transport links to the city centre.
The property has a large living room with a well-fitted kitchen and three bedrooms. The property has a garden and seating area perfect for the warmer months.
A two bedroom home near the QMC
£120,000
This two-bedroom terrace complete with a driveway is well worth a trip to view. It's in a great location near Queen's Medical Centre, the tramlines and also Beeston town centre. It would make a great first-time property for buyers and has great features.
It has a kitchen, lounge and diner on the ground floor with two bedrooms upstairs along with a bathroom. it also has an enclosed rear garden and a driveway at the front.
A three-bedroom home in Netherfield
£120,000
The Victorian semi-detached house has spacious accommodation which makes it perfect for any family or first-time buyer. It's near Netherfield which has plenty of shops or services such as doctor's surgeries. Transport links are excellent from Netherfield to the city centre.
There are three bedrooms along with a modern bathroom and an outside garden with an outhouse.
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