Stamp duty cut benefitting 69,000 households

According to government figures, the abolition of stamp duty land tax on properties under £300,000 has helped 69,000 first-time buyers since the relief was introduced.

The figures have led the Ministry of Housing, Communities & Local Government to predict that the policy will help over one million people getting onto the housing ladder over the next five years.

Separate figures also reveal that 387,000 people have now used the government’s Help to Buy scheme, and over 1.1 million accounts have been opened with the Help to Buy ISA, offering government bonuses of up to £3,000.

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.”

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