Huge savings made thanks to stamp duty changes

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Official figures recently revealed some interesting facts about first-time buyers in London and the South-East. It seems that they’ve been able to save nearly £80million in stamp duty. This was since the scrapping of the tax on structures priced at less than £300,000. Chancellor Phillip Hammond introduced this policy in 2017’s budget. The aim was to benefit hard-pressed young buyers because they have trouble getting onto the property ladder.

What first-time buyers do and don’t pay

First-time purchasers don’t pay stamp duty on homes worth as much as £300,000. They don’t pay any on the initial £300,000 on properties worth as much as £500,000. Since the policy’s launch in November 2017, around 70,000 buyers have benefited from the adjustment. This is on the report of HMRC’s most recent data.

On average, London buyers saved about £4,300 in tax. Residents of the South-East saved £3,100. In terms of the national average, the saving was £2,300. Buyers in Hillingdon were among the biggest savers here with £2million in savings. According to HMRC figures, the Treasury raised £12.9billion as a result of property stamp obligations. This is a record amount of money. Of this total, 39% originated from transactions in London.

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