121,500 first-time buyers have saved a total of £284,000,000 thanks to the government’s cut to stamp duty, according to official statistics released today (31 July 2018) which cover the period until 30th June this year.
Over the next five years, it is estimated that the government’s flagship housing policy will help over 1 million people getting onto the housing ladder.
First time buyers purchasing homes of £300,000 and under now pay no stamp duty at all, and those who have bought properties of up to £500,000 will also have benefited from a stamp duty cut.
Financial Secretary to the Treasury, Mel Stride, said:
Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.
In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.
Michael McCarthy, Developer at Equitas Properties said:
46% of our new home buyers benefited from the recently introduced stamp duty reduction.
This policy allowed these new home buyers reduced acquisition costs while increasing options, choice and purchasing power.
This is part of the government’s long-term commitment to make housing more affordable. As part of the Autumn Budget housing package, the Chancellor announced at least £44 billion for housing - which includes at least £15.3 billion of financial support for house building over the next five years – and an aim to build 300,000 new homes a year in the areas that need it, as well as encouraging better use of land in cities and towns.
In addition to government-backed schemes such as the Help to Buy equity loan and Help to Buy ISA, those hoping to make their money go further can open a Lifetime ISA – to either save for a first home, or for later in life.