Thousands of first-time homeowners have saved millions of pounds as the Government releases its first official statistics analysing the new stamp duty cut.

According to the report, a total of 121,500 first-time buyers have saved some £284,000,000 since the introduction of the cut in November last year.

Under the new scheme, first-time buyers purchasing homes of up to £300,000 and under now pay no stamp duty at all, while those buying properties up to £500,000 benefit from a reduced rate.

The Government estimated that the cut would save an average of £1,700 for buyers, with maximum possible savings of up to £5,000.

The changes mean a stamp duty cut for 95 per cent of all first-time buyers who pay it, and no stamp duty at all for 80 per cent of first-time buyers.

Financial Secretary to the Treasury, Mel Stride, said: “Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.

“In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.”

Michael McCarthy, Developer at Equitas Properties, added: “46 per cent of our new home buyers benefited from the recently introduced stamp duty reduction.

“This policy allowed these new home buyers reduced acquisition costs while increasing options, choice and purchasing power.”

Categories: Tax