Stamp duty break saves first-time buyers £284m

In Autumn Budget 2017, the government abolished the property tax for first-time buyers purchasing homes worth up to £300,000 in England and Northern Ireland, and Wales until 1 April 2018.

The first £300,000 is exempt from stamp duty land tax, while the remaining portion of up to £500,000 is taxed at a reduced rate of 5 per cent.

More than 121,500 first-time buyers have benefitted, and the government estimates it will help more than 1 million people get on the housing ladder over the next 5 years.

Mel Stride, financial secretary to the Treasury, said: “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.”