The Chancellor recently announced that he was abolishing Stamp Duty for the vast majority of first-time buyers.
The change outlined by Philip Hammond in his Autumn Budget has taken immediate effect and will apply to the first £300,000 of a property’s value.
The Treasury estimates that the pledge will help around 95 per cent of those looking to get a foot on the property ladder.
It was arguably the most eye-catching announcement in the financial statement presented to the House of Commons last month, although some have questioned whether it will benefit buyers as much as ministers claim.
The Budget included several measures to help the housing market, with the Chancellor aware that the Government has come under pressure to do more to address underlying problems.
Mr Hammond added: “Solving the housing challenge takes more than money, it takes planning reform.
“We will focus on the urban areas where people want to live… building high quality, high density homes.”
If you need guidance with any aspect of the conveyancing process, please contact the head of the Property team Michael Stock ([email protected]).