Chancellor Phillip Hammond has announced that first-time buyers will now be exempt from paying stamp duty on the first £300,000 on properties up to the value of £500,000.
The chancellor’s announcement comes as an attempt to support first-time home buyers getting onto the property ladder and has been well received by the property market.
The tax relief will be effective as of today, 22nd November 2017, meaning buyers looking to purchase their first home in 2018 can benefit.
The stamp duty relief comes as part of a commitment by the chancellor of £44bn for the housing market, following reports that Communities Secretary Sajid Javid pushed for extra funding to tackle the housing shortage in the UK.
We will update this article as more information is revealed.