We can’t deny how pleased we were to hear in the Budget that Stamp Duty has been effectively abolished for First Time Buyers. In case you missed it, the finer details are that there will be nothing to pay if you purchase a property up to £300,000, and on homes up to £500,000 you pay no Stamp Duty on the first £300,000 and just the effective rate on the price difference above that. Unfortunately, there is no relief for homes over £500,000, but we can’t imagine there are many First Time Buyers spending over that threshold, apart from perhaps in London.

The hopes for this reform, is that it will give first time buyers a much better opportunity to get on the ladder. It will in turn increase sales in the lower end of the market which in turn, should have a knock-on effect of the whole market. The savings made will help buyers looking for their first home, to be able to do this a sooner rather than later.