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Stamp Duty Cut Helps 69,000 First-Time Buyers

Around 69,000 first-time buyers have benefited from the stamp duty exemption since its introduction in November 2017, according to statistics from HMRC.

The government abolished stamp duty for most first-time buyers in Autumn Budget 2017 to help aspiring homeowners take their first steps on the property ladder.

The relief currently applies in England and Northern Ireland, and can only be claimed on properties worth up to £500,000.

Those claiming it are exempt from stamp duty on the first £300,000 of a property, and pay 5% on the portion between £300,000 and £500,000.

Separate figures showed the continued uptake of other schemes intended to help buyers get on the property ladder.

Up to the end of 2017, a total of 128,328 properties were purchased using the Help to Buy ISA, and 158,883 were bought with a Help to Buy equity loan since the schemes were launched.

Mel Stride, financial secretary to the Treasury, said:

“I’m proud that the cut to stamp duty for first-time buyers is helping to realise the dream of home ownership for a new generation, alongside building more homes in the right areas, and generous schemes such as the Lifetime ISA and Help to Buy.”

For any help or advice with financial planning talk to RPD

 

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