Chancellor called on to cut stamp duty for FTBs

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Chancellor Phillip Hammond has been called on to cut stamp duty on housing transactions for first-time buyers in the Autumn Statement.

First Complete sales operation director Toni Smith says the government should help FTBs to get on the property ladder by increasing the threshold or exempting them from paying stamp duty on house purchases, up to a set value.

“The threshold for stamp duty exemption for FTBs would of course need to reflect regional differences in property values across the UK,” says Smith.

“Clearly the market in Hampstead is different to the market in Hull.”

Smith says the combination of the end of Help to Buy, rising inflation and a falling pound is having a negative impact on FTBs.

“The market would benefit from a stimulus at the lower end to give first time buyers a leg up on to the ladder,” she says .

“The simplest and most effective way to do that is by reviewing stamp duty for this population.”

“After all, shared ownership buyers with a share of a property worth below £125,000 are already exempt.  There is no reason that the same principle cannot be applied to FTBs across the UK, who are unlikely to own a large share of their property.”