The Chancellor has abolished stamp duty for first time buyers purchasing up to £300,000. This has come in to effect immediately.
The move is designed to help first time buyers get on the property ladder more quickly as they will not need to have saved up stamp duty.
Although any action on stamp duty is welcome in the area that Aldreds cover many first time buyers already buy below the current £125,000 threshold. Until today a first time buyer, like all buyers, would have had to pay 2% stamp duty on the value between £125,000 & £250,000 with higher rates kicking in above £250,000. However with typical modern two bedroom properties selling at around £150,000, a saving of £500 would be made by a first time buyer purchasing at that level from today onwards.