Chancellor Philip Hammond revealed a number of key announcements during the 2017 budget. However, one that pricked the ears of those looking to secure their first property in the near future was that of stamp duty changes.
The chancellor publicised that stamp duty will be abolished immediately for first-time buyers purchasing a home of up to £300,000. He claimed that this would mean 95% of first-time buyers would see a stamp duty cut and 80% would pay none at all.
|Stamp Duty Changes for First-Time Buyers|
|Property Price||Stamp Duty Before Budget||Stamp Duty Now|
|>£125,000 (England and NI)||£0||£0|
|>£145,000 (LBBT Scotland)||£0||£0|
|£200,000 (England, Wales, NI)||£1,500||£0|
|<£500,000||No change||No change|