Chancellor Philip Hammond has abolished stamp duty for first-time buyers on properties worth up to £300,000 and on the first £300,000 on properties worth up to £500,000 in higher-value areas, such as London.
Today's Budget Speech saw Hammond take a stab at addressing concerns surrounding the difficulties facing those looking to climb onto the first rung of the housing ladder. "With effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether," he said. "To ensure this relief also helps first-time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price up to £500,000." He suggested this would save £1,660 on the average first-time buyer property. Adding this meant no stamp duty at a...
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