Around 121,500 first time buyers have saved a total of £284m after the government dropped stamp duty payments on properties costing up to £300,000, according to official statistics
The government has estimated that over the next five years its housing policy will help over one million individuals get onto the housing ladder.
First time buyers purchasing homes of £300,000 and under now pay no stamp duty at all, and those who have bought properties of up to £500,000 will also have benefited from a stamp duty cut.
As well as a cut to stamp duty, first time buyers can also benefit from a Help to Buy ISA which helps individuals save for a deposit. Help to Buy ISAs offer government bonuses of up to £3,000 towards the cost of a first home.
First-time buyers will be able to open a Help to Buy: ISA until 30 November 2019. Existing account holders can continue to save in their ISA account until 30 November 2029 when accounts will close to additional contributions. Bonuses can be claimed until 1 December 2030.
Financial Secretary to the Treasury, Mel Stride, said: ‘Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.
‘In addition, we are building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.’
Report by Amy Austin
