STAMP DUTY CUT HELPS LOWER HOME BUYING AGE ACROSS THE UK

Some 69,000 first time buyers have benefited from the abolition of stamp duty tax since it was introduced by the UK Government last November.

The official figures covering the period until the end of March 2018 show the numbers who have not paid the tax when buying a home under £300,000.

Over the next five years, it is estimated the policy will help over a million people get onto the housing ladder, and those who have bought properties of up to £500,000 will also have benefited from a stamp duty cut.

The figures also show that over 387,000 people have now used the Government’s Help to Buy scheme, and over 1.1 million accounts have been opened with the Help to Buy ISA, offering government bonuses of up to £3,000.

They reveal that the median age of a first time buyer in the Help to Buy scheme is 27, compared to a national first time buyer median age of 30. Housing Minister, Dominic Raab, says the figures build on the Government’s long term commitment to make housing more affordable.

As part of the Autumn Budget housing package, the Chancellor announced at least £44 billion for housing, which includes at least £15.3 billion of financial support for house building over the next five years, and an aim to build 300,000 new homes a year in the areas that need it, as well as encouraging better use of land in cities and towns.