Stamp duty cut for first time buyers

Stamp duty cut for first time buyers in the November Budget 2017

The Chancellor of the Exchequer, Philip Hammond, announced today in the Autumn Budget that he was abolishing stamp duty land tax (SDLT) on homes under £300,000 for first time buyers from 22 November.

First time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that which is 5%.

This will save £1,660‎ on the average first-time buyer property. There will be no relief for those buying properties over £500,000. You’re eligible if:

  • You’re buying your first home; and
  • You complete your purchase on or after 22 November 2017.

The Chancellor also announced £15.3 billion financial support for house building over the next five years. This includes £1.2 billion for the government to buy land to build more homes, and £2.7 billion for infrastructure that will support housing.

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This article has been prepared for general interest and information purposes only; it does not constitute legal advice and should not be relied on as such. While all possible care has been taken in the preparation of this article, no responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by the firm or the authors.