Welcome news for first-time buyers in Budget
The Chancellor’s announcement to cut Stamp Duty Land Tax (SDLT) for first-time buyers, effective immediately is welcome news and will stimulate the housing market from the bottom up.
As outlined in the recent Budget, stamp duty is permanently abolished on all first-time buyer purchases up to ￡300,000 and waived on the first ￡300,000 of properties up to the value of ￡500,000 in high priced areas such as London:
This is great news for those looking to buy their first property and who may have been struggling to get on the first rung of the property ladder.
This decision by Phillip Hammond, alongside the announcement to boost building to meet the strong demand for new homes, will inject further confidence into the housing market. Anything which generates more confidence and helps first-time buyers has to be a good thing, as increased activity at the lower end of the market will inevitably filter up.