New statistics show that last year’s cut to stamp duty has benefited over 180,000 households, helping more people onto the housing ladder.
£142 million has been saved this quarter by first-time buyers, up 12 per cent on the previous quarter and benefitting 58,800 households.
Stamp duty relief was also extended at the latest Budget to those first-time buyers purchasing through approved shared ownership schemes and who had chosen to pay stamp duty in stages.
“I am delighted that almost every first-time buyer is paying no stamp duty at all. This helps greatly with reducing the costs faced when buying a home and is one of the ways the Government is helping more people to have the security of home ownership.
For example, 1005 households in North East Bedfordshire have used Help to Buy schemes to buy a new-build home and I welcome the Government’s boost to Help to Buy with a further £10 billion of funding”.
The Government has a range of schemes to help people buy their own home and more information can be found at https://www.ownyourhome.gov.uk/why-buy/