The abolition of stamp duty for some first-time buyers in the Autumn Budget last year was the latest in a package of government measures designed to support Britain’s housing market. Stamp duty land tax is usually charged on property purchases exceeding £125,000 in England and Northern Ireland. But since the Autumn Budget, first-time buyers get stamp duty relief on the purchase of a property up to £300,000. It means first-time buyers can save up to £5,000 in stamp duty, depending on the purchase price of their new home. For property purchases up to £500,000 in England and Northern Ireland, first-time buyers still get that stamp duty relief on the first £300,000, but do have to pay stamp duty on the balance up to £500,000.
First time buyers get stamp duty cut boost
This 778 word blog post contains the latest official figures on the number of first-time buyers who have benefited from the stamp duty relief introduced in the Autumn Budget last year, along with information about the Help to Buy Equity Loan scheme and Help to Buy ISA, finishing with a call to action for first-time buyers to take advantage of government support and speak to an independent mortgage adviser.