Stamp duty reform ‘will help 1m first time buyers’

STAMP duty reforms have saved more than 16,000 first-time buyers thousands of pounds, the Government said yesterday.

The move, announced in the autumn budget, abolished stamp duty on homes up to £300,000 – meaning 80 per cent of first-time buyers will not pay the tax at all.

People in higher value areas buying their first home now get stamp duty relief on the first £300,000 of properties worth up to £500,000.

In total, 95 per cent of first-time buyers save up to £5,000 each.

Premier Theresa May said yesterday: “In the autumn we set out ambitious plans to fix the broken housing market.

Dream

“We want to make sure young people have the same opportunities as their parents’ generation to own their own home.

“This has had an immediate impact, with thousands already making savings thanks to our stamp duty cut.

“Over a million first-time buyers over the next five years are expected to save money that they can put towards a deposit, solicitors’ fees or furniture.

“Our message to the next generation is: Getting on and climbing the housing ladder is not just a dream of your parents’ past but a reality for your future.”

The Government claims 16,000 first-time buyers have saved thousands of pounds since the changes took effect and more than a million first-time buyers are set to benefit over the next five years.