Gosport MP Caroline Dinenage has welcomed the news that 180 500 households have benefitted from the cut in stamp duty.
In the 2017 Autumn Budget, the Conservative Government cut stamp duty to fix the broken housing market and help first time buyers get onto the property ladder. Since First Time Buyers Relief (FTBR) was introduced last November, 95% of first time buyers have benefitted from the changes, with four in five paying no stamp duty at all. In total first time buyers have saved £426 million.
The Government also introduced the Help to Buy schemes to make home ownership a reality for more people. This autumn the Chancellor announced an extra £10 billion funding boost to Help to Buy, allowing people to buy a new build home with only a five per cent deposit.
Commenting on the announcement, Caroline stated:
"It's incredibly important for people to have the security of their own property. It has been difficult to see families in my constituency unable to own their own house, often spending their hard earned wages on extortionate rental properties. I am delighted to hear that the Government cut to stamp duty last year and the Help to Buy schemes have helped residents get the property and living space that they deserve."