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16,000 1st-time buyers have already benefited from abolition of stamp duty

More than 16,000 first-time buyers have already saved themselves thousands of pounds because of the Stamp Duty changes announced in late 2016.

Government figures say the changes mean savings of up to £5,000 for newcomers to the property market. Chancellor Philip Hammond announced in his autumn Budget that first-time buyers won't pay any Stamp Duty Land Tax on properties worth up to £300,000 with the first £300,000 on properties worth up to £500,000 also exempt from the duty.

On Tuesday, Prime Minister Theresa May met first-time buyers in Berkshire who have benefited from the Treasury changes. More than one million first-time buyers are expected to take advantage of the abolition of stamp duty for them over the next five years.

Mrs May 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."

There has been criticism of the stamp duty changes, in particular from opposition politicians and housing campaigners who say it will only succeed in pushing up prices and pushing lower-paid potential first-time buyers further away from home ownership.

However, for those first-time buyers in England who have the finance to purchase a home, being able to budget without having to add on the cost of stamp duty can only be a good thing.

Free Guides for First Time Buyers

Homeward Legal has put together some handy guides to help you with your first property purchase. Let us know if there is anything we've missed, and as ever, feel free to call 0800 038 6699

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