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Govt hails early impact of stamp duty cut

House-Home-Property-Ladder-Mortgage-700x450.jpgThe Government claims its flagship Budget policy to scrap stamp duty for first-time buyers has already had a significant impact.

In November Chancellor Philip Hammond The Chancellor Philip Hammond ended the tax for FTBs on properties worth up to £300,000.

At the time the decision was dismissed by the Office for Budget Responsibility, who said it would not really help FTBs.

But today the Number 10 press office defended the stamp duty cut, claiming more than 16,000 FTBs have already saved up to £5,000 per household.

It estimates that more than a million FTBs stand to benefit over the next five years.

Prime Minister Theresa May visited Wokingham today to meet FTBs who have benefited from the new policy.

She says: “In the Autumn we set out ambitious plans to fix the broken housing market and make sure young people have the same opportunities as their parents’ generation to own their own home.

“This has had an immediate impact, with thousands of people already making savings thanks to our stamp duty cut, and over a million first-time buyers over the next five years are expected to save money that they can put towards a deposit, solicitors’ fees or furniture.”

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