Stamp duty cut has saved thousands already

The Prime Minister has said that around 16,000 people have already benefited from the changes to stamp duty announced by the government in the autumn Budget.

The stamp duty changes will mean a saving of up to £5,000 for first-time buyers in Wokingham.

The government has gotten rid of stamp duty altogether for first-time buyer purchases up to £300,000, and made this relief available for the first £300,000 of properties worth up to £500,000, providing help for people in higher value areas.

The changes mean a stamp duty cut for 95 per cent of all first-time buyers who pay it and no stamp duty at all for 80 per cent of first time buyers, with savings of up to £5,000.

Over 16,000 first-time buyers are estimated to have already saved thousands of pounds since the changes took effect in November, with over a million first-time buyers set to benefit in total over the next five years.

The cut builds on the steps already taken to help young people enter the housing market, including the Help to Buy scheme and introduction of Lifetime ISAs.

At the Budget the government announced the UK will deliver an average 300,000 additional homes each year by the mid-2020s through targeted new financial support and reforms to the planning system.

Theresa May, Prime Minister, said: “I have made it my personal mission to build the homes this country needs so we can restore the dream of home ownership for people up and down the UK.

“In the autumn we set out ambitious plans to fix the broken housing market and make sure young people have the same opportunities as their parents’ generation to own their own home.

“This has had an immediate impact, with thousands of people already making savings thanks to our stamp duty cut, and over a million first-time buyers over the next 5 years are expected to save money that they can put towards a deposit, solicitors’ fees or furniture.

“We are building a Britain that is fit for the future and our message to the next generation is this – getting on – and climbing up – the housing ladder is not just a dream of your parents’ past, but a reality for your future.”