The Chancellor has taken this opportunity to rethink stamp duty which will be abolished for first-time buyers. It should also be remembered that the average deposit outside London stands at £24,000 or £72,000 in the capital – the average stamp duty bill for a first-time buyer is around £2,500 on average.
There will be no stamp duty for first-time buyers for properties worth up to £300,000 and people buying a home worth up to £500,000 in high price areas like London will not have to pay stamp duty on the first £300,000.
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This post was written by Debbie Brown