Autumn Budget 2017
22nd November 2017
The Chancellor has presented his Budget to Parliament – Philip Hammond promised to fix Britain’s housing market with a package of investment, planning reform and tax cuts for first-time buyers in a Budget overshadowed by the biggest downgrade in the UK’s economic prospects since the financial crisis.
From today, Philip Hammond, is abolishing stamp duty land tax (SDLT) on homes under £300,000 for first-time buyers.
First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660 on the average first-time buyer property.
80% of people buying their first home will pay no stamp duty.
There will be no relief for those buying properties over £500,000.