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Philip Hammond has today announced in his Autumn Budget the abolishment of stamp duty for first-time buyers for homes below £300,000 in a bid to put Britain’s housing crisis at the heart of the budget.

The move will see the tax cut for 95% of first time buyers and abolish it altogether for 80% of them.

A breakdown of the new rates, which have taken effect immediately, 22nd November 2017 are as follows:

If you are a first time buyer of a residential property you can claim relief on purchases:

  • made on or after 22 November 2017
  • where the purchase price is no more than £500,000

You will pay:

  • 0% on the first £300,000
  • 5% on the remainder up to £500,000
Stamp Duty changes for first-time buyers
Property priceStamp Duty before budgetStamp Duty now
>£125,000 (England and NI)£0£0
>£145,000 (LBBT Scotland)£0£0
>£150,000 (Wales)£0£0
£200,000 (England, Wales, NI)£1,500£0
£300,000£5,000£0
£400,000£10,000£5,000
£500,000£15,000£10,000
Above £500,000no change

In his autumn statement Hammond, vowed to tackle the UK’s housing crisis by planning to build 300,000 extra new homes per year by the mid-2020s.

According to e Department for Communities and Local Government, home ownership has fallen in recent years, with 62.9% of the estimated 22.8m households in England being owner-occupiers in 2015-16. That is down from 70.9% in 2003.

Just 20% of those aged 25 own a property, compared with 46% two decades ago, according to the Local Government Association. Almost half of those aged 24 to 34 in England pay rent to a private landlord.