180,500 FTBs Benefit From Stamp Duty Relief

Ever since the government abolished the requirement of having to pay Stamp Duty Land Tax (SDLT) for first-time buyers, 180,500 people have been able to get on the property ladder.

The dream of owning a timber-frame home has become a reality for many Brits, who collectively have been able to save £426 million since the relief was introduced on November 22nd 2017.

First Time Buyers Relief (FTBR) is available to those purchasing property worth less than £500,000 in England and Northern Ireland who do not have any existing homes.

Mel Stride, financial secretary to the Treasury, said: “These statistics show that the government was right to offer a helping hand to first-time buyers.”

She added that with so many people having benefited from FTBR over the last year, “maintaining the status quo was not an option”.

During the third quarter of 2018, as many as 58,800 homebuyers were able to get on the property ladder thanks to the SDLT relief, which was a significant 12 per cent rise from the previous three-month period.

These figures suggest that an increasing number of FTBs are taking advantage of the FTBR, and as soon as they have raised enough deposit for a home, they are able to pursue a purchase without having to also worry about saving for the levy.

This seems to be the case in London where the highest number of FTBs was recorded since 2015 recently. There were 11,700 new FTB mortgages completed in the capital during Q3 – a 2.6 per cent rise from the same quarter the year before, UK Finance reported.