Budget 2017: Hammond scraps stamp duty for First Time Buyers up to £300,000

Chancellor Philip Hammond has announced that he will be abolishing stamp duty for all first-time buyers on home purchases up to £300,000. 

'So, with effect from today for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether,' he said. 

This will benefit 95% first-time buyers who pay stamp duty.

He said he will abolish it on the first £300,000 for those buying properties up to £500,000, saving buyers £5,000.

The relief is expected to help over a million first-time buyers to get onto the housing ladder over the next five years. The relief will take effect from 22nd November 2017.