Chancellor Philip Hammond announced the immediate abolition of stamp duty for first time buyers in his Autumn Budget Statement.
The Chancellor closed his speech with the announcement having made a number of commitments to trying to improve the housing sector in terms of increasing investment in house building and ensuring that the planning process was better used to create more places to live.
The stamp duty change comes into immediate effect and abolishes stamp duty for first time buyers on purchases up to £300,000 or removes stamp duty on the first £300,000 of any purchase up to £500,000.
In a situation of a couple purchasing, both parties would have to be first time buyers to qualify for the abolished stamp duty threshold to apply.
