Mortgage News
Spring Statement 2018: Around 60,000 first-time buyers receive stamp duty relief
An estimated 60,000 first-time buyers have taken advantage of the stamp duty relief unveiled at the Budget in November.
Delivering his Spring Statement, chancellor Philip Hammond confirmed the figure.
Stamp duty was cut for first-time buyers at the end of November, giving savings of up to £5,000 per transaction.
The move means eight out of 10 people buying their first home now do not pay the tax.
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Elsewhere in the speech, Hammond announced doubling funding to £220m for the housing growth partnership with Lloyds Banking Group, which is designed to release finances for small builders.
London is also to also receive an additional £1.7bn to deliver an extra 26,000 affordable homes, taking the total to 116,00 by the end of 2122.
And an agreement has now been reached with the West Midlands to create 215,000 homes by 2030/31, with the help of a £100m grant from the land remediation fund.
See a summary of the highlights of the Chancellor’s first ever Spring Statement.