Stamp duty scrapped for first-timers

24th November 2017

Chancellor Philip Hammond has abolished stamp duty for first-time buyers on properties up to £300,000. Placing measures to tackle the UK’s housing crisis at the centre of his Budget, the move will also apply on the first £300,000 of a purchase in high-price areas, providing the property's value is under £500,000, meaning 95% of first-time buyers will see at least a cut in the amount of stamp duty, with 80% paying none at all. Setting out plans to build 300,000 extra new homes a year by the mid-2020s, Mr Hammond also pledged at least £44bn of capital funding, loans and guarantees to support the housing market over the next five years. The Office for Budget Responsibility has questioned the impact the stamp duty shift will have, saying it will push up house prices by around 0.3%.

Daily Mail (23/11/2017)   The Daily Telegraph (23/11/2017)