A government announcement this morning claims 121,500 first time buyers have taken advantage of the stamp duty cut introduced at the November Budget.
They have apparently saved a total of £284m in the period from the introduction of the cut up until June 30.
The government forecasts that over the next five years, the policy “will help over 1m 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.
“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” claims Financial Secretary to the Treasury, Mel Stride MP.
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All well and good, but if the pricing of property remains in the hands of agents who are competing for a dwindling supply level, a relatively modest saving on stamp duty doesn't compensate for paying an inflated price.
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