The government today have announced they will abolish stamp duty for first time buyers, in England and Wales, in their new budget. This will relate to the first £300,000 of a home’s cost, saving first-time buyers £5,000.
This will mean 95% of first-time buyers would see the tax cut, while 80% who are buying a property will pay no tax at all.
In addition, the chancellor Philip Hammond will use this budget to plan the build of 300,000 homes a year. This will concentrate on areas where most people live and where most jobs are created.
Plus, the aim is to guarantee councils in high-demand areas to permit more homes for local first-time buyers.
Hammond will also find £5 billion for housing schemes, according to the Sunday Times. Perfect for the industry!