“The Chancellor's decision to abolish stamp duty immediately for first-time buyers purchasing properties worth up to £300,000; and to help those in London and other expensive areas, make the first £300,000 of the cost of a £500,000 purchase exempt from stamp duty for first times buyers, with the remaining £200,000 incurring 5%; is a huge boost for younger house buyers. With 95% of all first time buyers benefiting and 80% not paying stamp duty at all, we’d expect to see an immediate positive movement in the housing market.  The results will be a progressive step for young people looking to buy their first home, both in the capital and the rest of the UK and we would hope that the 20% decrease in 25-35 year old first-time buyers over the past nine years will start to be reversed and more young people will be able to get on the housing ladder. 

“Hammond’s promise of £1.1bn to unlock strategic sites for development will go some way to alleviate the lack of supply, and further supporting those looking to purchase a home.”