First-time buyers reap rewards of stamp duty cut

First-time buyers reap rewards of stamp duty cut

The cut to stamp duty in last year’s budget has saved around 120,000 first-time buyers in the region of £284million, according to the latest HMRC figures.

The Chancellor Philip Hammond announced the changes in the Autumn budget, meaning any first-time buyers pay no tax duty at all on the first £300,000 of house purchases up to £500,000.

“Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended,” said Financial secretary to the Treasury, Mel Stride.

Shaun Church, director at mortgage broker Private Finance, said: “Stamp duty tax relief saved first-time buyers £125m in Q2 – making the regulation a ‘relief’ for new homeowners in more ways than one.

“Stamp duty has been the final hurdle for first-time buyers already struggling with mounting deposit costs for years. With this burden now eased or removed for most, and attractive low-rate mortgage deals for new buyers steadily trickling in, the path to home-ownership is becoming clearer.”