Stamp duty will be abolished immediately for first-time buyers buying a home of up to £300,000, Chancellor Philip Hammond has said.
Helen Griffin-Booth, director at Liverpool-based sales, lettings and investment agency Bluerow Homes says: “The move to abolish stamp duty for first time buyers is a great announcement which will go some way to helping aspiring homebuyers get on to the property ladder.
“With the Chancellor himself stating that the number of 25-34 year olds has dropped to just 38% over the last thirteen years, hopefully this measure will keep the market moving and give prospective homeowners a more positive, optimistic outlook to owning their own home.
“While this is welcome news for first time buyers, stamp duty on the purchase of additional properties like buy-to-lets and second homes is still at a maximum 15 per cent. This policy was introduced to realign the residential property market to make it fairer for first time buyers, but it’s become clear that the measure has only succeeded in generating extra tax for HMRC.
“I think the government need to urgently consider whether this policy is helping to achieve fairness in the property market or whether it is creating more problems. It is vital that the private rented sector (PRS) remains attractive to landlords to stop a fall in the quality and volume of rental accommodation available.”