Stamp duty cut saves first time buyers £284 million

Posted on Monday, August 6, 2018

According to the latest figures released by HMRC, as many as 121,500 first-time buyers have saved £284 million since the cut to stamp duty was implemented during last year's budget.

First time buyers purchasing homes of £300,000 and under now pay no stamp duty at all, and those who have bought properties of up to £500,000 will also benefit from a stamp duty cut.

Financial secretary to the Treasury, Mel Stride, said: "Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.

"In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy."

 

 

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