Budget 2017: Stamp duty officially axed for first time buyers for properties worth up to £300,000

The long-anticipated slash of stamp duty has now become reality for first-time buyers buying a home worth up to £300,000. This will save £1,660‎ on the average first-time buyer property. According to Mr. Hammond, this means that 80% of first-time buyers will not pay stamp duty at all.

This is part of Hammond’s and the Conservative Party’s ambition to revive the home-owning dream in Britain. Inside London, the dramatic policy change will apply to the first £300,000 of homes worth up to £500,000, Mr. Hammond said, a cut of up to £5,000. There will be no relief for those buying properties over £500,000.

Mr. Hammond characterized this as an ambitious plan to tackle the housing challenges by enhancing the supply of skills, resources, and building land to create the financial incentives necessary. Funds for house-building will include a £630m small sites fund, £2.7bn to more than double the Housing Infrastructure Fund, £400m for estate regeneration, £8bn of new financial guarantees to support private house-building and an additional £34mn to develop construction skills, Mr. Hammond said.