First timer buyers today received an early Christmas present from the Chancellor, as it has been announced that Stamp Duty Land Tax (SDLT) will no longer be payable by first time buyers purchasing properties up to £300K, and on the first £300K of houses worth up to £500K.
The Chancellor, Philip Hammond, said this meant 95% of first-time buyers would see SDLT cut, whilst 80% would pay none at all.
The change is effective from today, with the Treasury briefing paper stating “To ensure that all first-time buyers purchasing a house on Budget day benefit and to avoid disruption, the relief will take effect from Budget day (00:01 hours November 22nd).”
Whilst on the face of it, this would appear to be a good move for the housing market, there are fears amongst some quarters that this could actually drive up house prices.
