69,000 first-time buyers have already benefited from the government’s abolition to stamp duty land tax on properties under £300,000, according to official statistics released today (26 April 2018). The figures, covering the period up until 31st March this year.
Over the next five years, it is estimated that the policy will help over 1 million people getting onto the housing ladder. And those who have bought properties of up to £500,000 will have benefited from a stamp duty cut.
Financial Secretary to the Treasury, Mel Stride, said:
I’m proud that the cut to stamp duty for first-time buyers is helping to realise the dream of home ownership for a new generation, alongside building more homes in the right areas, and generous schemes such as the Lifetime ISA and Help to Buy.
Separate figures also published today show that over 387,000 people have now used the government’s Help to Buy scheme, and over 1.1 million accounts have been opened with the Help to Buy ISA, offering government bonuses of up to £3,000.
The median age of a first-time buyer in the Help to Buy scheme is 27, compared to a national first-time buyer median age of 30.
Housing Minister, Dominic Raab, said:
It’s good to see a record number of people benefiting from our Help to Buy Equity Loan, so they can realise their dream of home ownership.
Through this scheme we have helped almost 159,000 households get a foot on the housing ladder.
These figures build on 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.