Before you can start planning your ideal kitchen or budgeting for bathroom repairs, you need to actually own a property first. For 121,500 people, this dream is more likely to become a reality thanks to the stamp duty cut.
In November 2017, the government abolished the housing tax for first-time buyers (FTBs) purchasing a home worth up to £300,000, which means 95 per cent of all those hoping to buy a house for less than this no longer have to pay the hefty duty.
Official statistics reported that the stamp duty exemption has already helped save £284 million for FTBs, allowing many Brits to spend their money on raising a deposit for their home and not on paying the levy.
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.”
This is part of the government’s plans to help more than one million people get on the housing market over the next five years by making property purchasing more affordable.
An extra £44 billion was also announced in the Autumn Budget for housing, with £15.3 billion of this going to support building and construction of 300,000 new properties a year until 2022.
This comes after the government announced its Construction Sector Deal worth £420 million to improve technologies in the industry and help increase productivity. By using digital design and offsite manufacturing, it will build new homes at a much faster rate.