The Government claims the decision to scrap stamp duty for First-time buyers has already made a huge impact.
In November last year, The Chancellor Phillip Hammond announced in the Budget that he would end the tax for First-time buyers (FTB’s) on properties worth up to £300,000.
At the time the Office for Budget Responsibility said it would not really help FTB’s.
The Number 10 press office have claimed that more than 16,000 FTB’s have already saved up to £5,000 per household since November.
It estimates that more than a million FTB’s stand to benefit from the policy over the next five years.
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