PhilIp Hammond

Autumn Budget 2017: Philip Hammond abolishes stamp duty for FTBs

Philip Hammond has announced in his Autumn Budget that he will be abolishing stamp duty for first-time buyers on properties up to £300,000.

The chancellor of the exchequer confirmed the plans would be made effective straight away as he looked to get more people on to the housing ladder.

Mr Hammond also announced that the offer would be available on the first £300,000 of the purchase price of properties up to £500,000. 

Mr Hammond confirmed that the cut would benefit 95% of all first-time buyers who pay stamp duty.

“When we say we will revive the home-owning dream in Britain.

“We mean it.

“We do not underestimate the scale of the challenge

“But today, we have made a substantial down payment.”

Mr Hammond also announced that over the next five years the government would be committing a total of at least £44bn of capital funding, loans and guarantees to support the UK housing market. 

The government will also be creating financial incentives to deliver 300,000 net additional homes a year on average by the mid-2020s. 

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