Stamp duty abolished for First-Time Buyers in Autumn Budget.
Chancellor Philip Hammond delivered his Autumn Budget yesterday, the headline announcement which he left to last was that stamp duty will be abolished for all first-time buyer property purchases priced up to £300,000, with immediate effect. In the more expensive areas such as London stamp duty will be abolished on the first £300,000 of properties valued at up to £500,000 for FTB’s.
The Office for Budget Responsibility says it expects the move to cause a 0.3 per cent rise in house prices, mostly in 2018.
The Chancellor also mentioned along with his housebuilding plans and the confirmation of the extension of the help-to-by scheme until 2021 that he was looking into ways to encourage landlords to offer longer rental tenancies, giving more security to those that seek it.