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Stamp Duty has been abolished for first-time buyers for properties under £300,000 with immediate effect.
The Chancellor, Philip Hammond, has announced this afternoon that Stamp Duty on first-time buyers' purchases has been removed, saving buyers thousands of pounds.
For properties costing up to £300,000, no stamp duty will be paid on the first £300,000. Mr Hammond said this meant 95% of first-time buyers would see a stamp duty cut, while 80% would pay none at all.
We are sure that this will help a large of number of first-time buyers get on the property ladder, with the maximum saving, according to the Treasury, being £5,000. With this change applying in England and Northern Ireland, and in Wales up until the end of March, we suggest that buyers start to look at the houses we have for sale very soon.
James Baker, Associate Partner and manager of the Totnes office