First-time buyers will still benefit from a much-needed incentive to hop on the ladder with the newest Chancellor’s revised budget. The cut in stamp duty on homes up to £425,000, up from £300K, and the exemption applies on properties up to £625K, up from £500,000 has been retained. All homebuyers will also save money from the new nil-rate band of stamp duty which has doubled to £250,000 wherever they are on the ladder. The cut means that two-thirds of homes (66%) are now exempt from stamp duty for first-time buyers in England, and a third of all homes are exempt for all buyers (33%).
