Stamp Duty Axed for First Time Buyers

Chancellor Philip Hammond has abolished Stamp Duty for first time buyers up to homes worth £300,000 with immediate effect.

Delivering the Budget today he said this would be a “Stamp Duty cut for 95% of all first time buyers who pay Stamp Duty. And no Stamp Duty at all for 80% of the first time buyers from today”

According to HM Treasury as a result of these amendments in every region of England outside London, and in Wales and Northern Ireland, the average first time buyer property will pay no Stamp Duty. The Stamp duty bill of the average first time buyer in London will nearly halve, from £10500 to £5500.

Danielle Kennedy of Mortgage Pathways says “this is another step in the right direction, first time buyers find it hard enough to save a deposit never mind the additional costs such as Stamp Duty and legal fee’s etc. Removing this tax on home ownership will allow more aspiring families to own their own home”