The Chancellor Phillip Hammond is expected to announce in his budget that the stamp duty will be axed for first-time buyers this week.
Despite widespread calls for reform he is not expected to introduce any radical changes to the stamp duty system, however if he does decide to axe stamp duty for first-time buyers, this will be a welcome change as a new study has found that stamp duty blocks 45,000 home purchases every year.
The average first-time buyer house price in London is £422,380 which means buyers could save an average £11,119 is stamp duty is axed.
In the South West, buyers could save an average of £1,660 with the average house price standing at £208,664. Source: Land Registry.
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