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Stamp duty abolished for first time buyers on homes up to £300,000 from TODAY

Mirror logo Mirror 22/11/2017 Ann Gripper
Stamp duty abolished for most first time buyers © PA Stamp duty abolished for most first time buyers

Stamp duty for all first-time buyer purchases up to £300,000 is to be abolished immediately, the Chancellor has announced.

The measure will also apply on the first £300,000 of a purchase in high-price areas,meaning, for example, for first time buyers in London will be the first £300,000 on purchases up to £500,000.

:: Budget 2017 Key points at a glance

The Chancellor says this means there will be “no stamp duty at all for 80% of first time buyers from today.” 

While 95% of first-time buyers will see at least a cut in the amount of stamp duty they pay. The maximum saving to buyers will be a whopping £5,000.

The cut will come into force immediately, Mr Hammond said, as he set out plans to build 300,000 extra new homes a year by the mid 2020s.

Philip Hammond saved his biggest announcement for the end of his Budget speech.

"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 country once again," Mr Hammond said.

Over the next five years Mr Hammond pledged a total of at least £44 billion of capital funding, loans and guarantees to support the housing market.

He had already announced a £3billion fund for Brexit, changes to Universal Credit and a rise in the minimum wage for 2018.

Philip Hammond today unveiled a gloomy forecast for Britain's growth and a £3 billion fund for no-deal Brexit in today's Budget.

There was some good news for small businesses and some extra funding for the NHS.

NOW SEE: Stamp duty giveaway 'will push up house prices'

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