Briefly casting the spotlight on the housing market in his third Budget as chancellor, Phillip Hammond announced that he will extend the cancellation of stamp duty for first-time homebuyers on properties up to £300,000 to first-time buyers of shared ownership properties valued up to £500,000. Furthermore, he stated that the measure would be retrospective, so that any first-buyer who has bought a home since the last Budget will benefit.Removing Stamp Duty on all shared equity purchases up to £500,000 is great news for prospective homebuyers getting into the market for the first time. Since stamp duty for first-time buyers was done away with, many more people have been able to get their foot on the first rung of the property ladder. In fact, as Hammond announced, the number of first-time buyers purchasing property is at an 11-year high. It seems the focus the government has placed on providing more opportunities for first-time buyers is coming to light and we are now seeing the res...Read more >>
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