Mr Hammond announced today that First Time Buyers will NO longer pay Stamp Duty on their first purchase of up to £300,000.
He said: 'This is our plan to deliver on the pledge we have made to the next generation.
That the dream of home ownership will become a reality in this country once again.
But I also want to take action today to help young people who are saving to own a home.
One of the biggest challenges facing young first-time buyers is the cash required up front.
We have put £10 billion more money into Help to Buy equity loan to help those saving for a deposit.
But I want to do more still.
I’ve received representations for a temporary Stamp Duty holiday to first time buyers.
But that would only help those ready to purchase now.
And would offer nothing for the many who will need to save for years.
So, with effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether.
To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000.
Meaning an effective reduction of £5,000.
A stamp duty cut for 95% of all first-time buyers who pay stamp duty.
And no stamp duty at all for 80% of first time buyers from today.'
Don't hesitate now, get on the property market now!