Chancellor Philip Hammond scrapped stamp duty for first-time buyers on properties worth up to £300,000 and in London stamp duty will be abolished on the first £300,000 on properties valued up to £500,000.
The Office for Budget Responsibility (The OBR), is the Government’s independent forecaster, they have stated that house prices will now rise by 0.3% as a result of this, with much of the increase in 2018.
The OBR thinks this because it will give first-time buyers more cash to put towards a deposit instead.
If house prices do rise, the main gainers from this will be existing home owners, not the first-time buyers themselves.
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