Preference for first time buyers is proposed

28th October 2013

Guernsey’s 2014 budget will be debated by the States Assembly this week. Among the proposals is a reduction in Document Duty payable on house purchases.

The changes apply to all property buyers, but an amendment is being proposed by Deputy Yvonne Burford that only first time buyers should receive the full benefit of the cost cuts.

Deputy Burford is also proposing that purchasers other than first time buyers should have the immediate benefit of smaller savings that the 2014 Budget is proposing for all house buyers from November 2014.

For the following 12 months, under the Burford proposal, first time buyers will save 1.5% on house purchases under £250,000, and save 1% on purchases under £400,000. Other buyers would immediately save 0.5% on all house purchases below £400,000.

House purchases of £400,000 and above will remain at the current rate of 3%.