Phillip Hammond has pulled a rabbit out of the hat with the decision to abolish stamp duty for first time buyers on properties up to £300k or, in high price areas like Welling, Bexleyheath and Dartford, on the first £300k of properties up to £500k. Worth £5k saving for 80% of first buyers.
Unlike previous amendments to stamp duty which saw a temporary freeze, this is a long term policy stretching beyond this current parliament and into the future and part of a wider strategy for home ownership.
Eamonn Delaney of Anthony James quoted. "this is a very welcome boost to the local housing market and the effects should be immediate. Hopefully first time buyers will seize the opportunity and capitalise on the savings before prices rise negate any savings".
Its bad news for landlords who now will pay £14,000 more than a first time buyer on the same value purchase of £300,000. This could see them at a significant disadvantage in negotiations to purchase.