The Ministry of Housing, Communities & Local Government has announced that 121,500 first-time buyers have saved a total of £284,000,000 thanks to the government’s cut to stamp duty.
It is estimated that the government’s flagship housing policy will help over one million people getting onto the housing ladder over the next five years, with first time buyers purchasing homes of £300,000 and under now paying no stamp duty at all, and those having bought properties of up to £500,000 will also have benefited 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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