Stamp duty cut benefits 69,000 households

69,000 first-time buyers have benefitted from the abolition of stamp duty land tax on properties up to £300,000.

This is according to the official Quarterly Statistics on SDLT, published today, which account for the period up to the end of March 2018.

It has been forecasted that over the next five years, the policy will help over 1 million people access the housing ladder, as well as those buying a home up to £500,000 who will see their SDLT cut.

Commenting on the figures, Mel Stride, Financial Secretary to the Treasury stated: “I’m proud that the cut to stamp duty for first-time buyers is helping to realise the dream of home ownership for a new generation, alongside building more homes in the right areas, and generous schemes such as the Lifetime ISA and Help to Buy.”

Also published today were separate figures which shows that the Help to Buy Scheme has been used by over 387,000 people, with over 1.1 million accounts having been opened with the Help to Buy ISA.

Commenting on these figures was Housing Minister, Dominic Raab who stated: “It’s good to see a record number of people benefiting from our Help to Buy Equity Loan, so they can realise their dream of home ownership.

“Through this scheme we have helped almost 159,000 households get a foot on the housing ladder.”

Today's Conveyancer