The Stamp Duty changes to assist first time buyers announced in today's Budget are to be welcomed. Anything that leads to increased homeownership levels is good news for the property market and wider economy in general. Dexters has had an incredibly busy year to date and believes the announcement will encourage movement across all price ranges.
Stamp duty will be scrapped immediately for first-time buyers of homes below £300,000, as the Chancellor put Britain’s housing crisis at the heart of his Budget. Philip Hammond said the move would cut the tax for 95 per cent of first-time buyers – and abolish it altogether for 80 per cent of them. Mr Hammond added that, in London and other property hotspots, stamp duty would be axed on the first £300,000 of a purchase price up to £500,000 – a cut of up to £5,000.