Stamp Duty Abolition
Chancellor Philip Hammond has abolished stamp duty for all first-time buyers purchasing a property for up to £300,000. This has come into immediate effect.
The change in stamp duty will apply in England and Northern Ireland. It will apply in Wales only until the end of March however it will have no impact on Scotland.
In areas where house prices are understandable more, first time buyers will be able to purchase a house worth up to £500,000, they will pay no stamp duty on the first £300,000 of the purchase price.
Hammond said “This is our plan to deliver on the pledge we have made to the next generation that the dream of home ownership will become a reality in this county once again”
Along with the stamp duty abolition an extra £10bn has gone into the help-to-buy scheme which Hammond has said is to help people saving to buy a home.