Thousands have saved money already thanks to Government’s stamp duty cut

With first-time buyers saving up to £5,000

The Prime Minister will be in Wokingham, Berkshire, today to meet one of the estimated 16,000 people who have already benefited from changes to stamp duty announced by the Government in the Autumn Budget.

The stamp duty changes will mean a saving of up to £5,000 for first-time buyers in Wokingham. 

The Government has abolished stamp duty altogether for first-time buyer purchases up to £300,000, and made this relief available for the first £300,000 of properties worth up to £500,000, providing help for people in higher value areas.

The changes mean a stamp duty cut for 95 per cent of all first-time buyers who pay it and no stamp duty at all for 80 per cent of first time buyers, with savings of up to £5,000.

Over 16,000 first-time buyers are estimated to have already saved thousands of pounds since the changes took effect in November, with over a million first-time buyers set to benefit in total over the next five years.

Ahead of the visit, Prime Minister Theresa May said:

“I have made it my personal mission to build the homes this country needs so we can restore the dream of home ownership for people up and down the UK. 

“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 5 years are expected to save money that they can put towards a deposit, solicitors’ fees or furniture. 

“We are building a Britain that is fit for the future and our message to the next generation is this – getting on – and climbing up – the housing ladder is not just a dream of your parents’ past, but a reality for your future.”