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Stamp duty will be scrapped immediately for first-time buyers of homes below £300,000, the Chancellor of the Exchequer Philip Hammond announced in the 2017 Conservative Budget.
Mr Hammond said the move would cut the tax for 95 per cent of first time buyers and abolish it altogether for 80 per cent:
So, with effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether.To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000.Meaning an effective reduction of £5,000.A stamp duty cut for 95 per cent of all first-time buyers who pay stamp duty.And no stamp duty at all for 80 per cent of first time buyers from today.Mr Deputy Speaker.When we say we will revive the home-owning dream in Britain.We mean it.
So, with effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether.
To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000.
Meaning an effective reduction of £5,000.
A stamp duty cut for 95 per cent of all first-time buyers who pay stamp duty.
And no stamp duty at all for 80 per cent of first time buyers from today.
Mr Deputy Speaker.
When we say we will revive the home-owning dream in Britain.
We mean it.
This means that new homeowners would likely pay a larger deposit.This information has left a sour taste in the mouths of some:
Uh oh... OBR assumes that the stamp duty cut will simply up house prices 1:1 “Thus the main gainers from the policy… https://t.co/lePRzhLDw9 — Faisal Islam (@Faisal Islam)
Err, the OBR has said that stamp duty cut will push house prices UP by 0.3 per cent... so not all good news for tho… https://t.co/S5yPkcmLpI — Tom Knowles (@Tom Knowles)
Has a government policy ever unravelled so quickly? Stamp Duty reduction for first time buyers is set to leave them… https://t.co/crzVwW7n7f — Owen Jones 🌹 (@Owen Jones 🌹)
Unaffordable house prices are the problem, not Stamp Duty. For most young people, the stamp duty cut will make litt… https://t.co/nWFtQNGeIi — Tom Kibasi (@Tom Kibasi)
IMPORTANT: OBR expects stamp duty cut for first-time buyers to INCREASE house prices...#budget2017 https://t.co/wfGOhIT0z1 — Ben Chu (@Ben Chu)
It also does nothing for those who have seen their wages stagnate for years.
Stamp duty cut helps those with the means to buy £300k homes, but will be of no help to those struggling to find affordable rent #budget2017 — David Drew for Stroud (@David Drew for Stroud)
If you've got a £50k deposit and are buying a flat worth £300k, then the stamp duty cut will save you a vast £20ish… https://t.co/Qgw6e9UeLX — Hugo Rifkind (@Hugo Rifkind)
Must be a new record for unravelled budget: big stamp duty announcement demolished by OBR before Cx finishes his speech — John Healey MP (@John Healey MP)
Just a reminder that when @Ed_Miliband suggested getting similarly tough on land banking, Tories accused him of Zimbabwe-esque land grabs — gabyhinsliff (@gabyhinsliff)
We should all be deeply concerned about the spread of authoritarian Marxist ideas to the most unlikely places.... https://t.co/zDiyI9gE2p — Ed Miliband (@Ed Miliband)
Ed Miliband's Labour party would have exempted first-time buyers in England, Wales and Northern Ireland when buying homes below £300,000 for three years.
The policy would also encourage local house purchases, giving local residents "first call" on half of new homes in their area.
Foreign buyers would also have faced more tax with house purchases.
It's the latest grab from a Conservative party which has a long history of pilferingLabourpolicies and passing them off as their own.
You might as well move the Edstone to Downing Street.
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