Bromleys Update: Relief for First-time Buyers as Stamp Duty is Abolished

In today’s Autumn Budget, the Chancellor Philip Hammond has today permanently scrapped Stamp Duty for first-time buyers purchasing properties up to the value of £300,000 and in high-priced areas on the first £300,000 of houses worth up to £500,000.

The Treasury briefing paper states “First-time buyers are more cash constrained than other buyers and stamp duty land tax (stamp duty) can represent an upfront cash burden on top of a deposit and conveyancing fees. This will mean 80% of first-time buyers pay no stamp duty, helping them get on the housing ladder.”

It also says “To ensure that all first-time buyers purchasing a house on Budget day benefit and to avoid disruption, the relief will take effect from Budget day (00:01 hours November 22nd).”

The table below sets out how much first-time buyers will pay before and after Budget:


Before Budget 22 November Onwards
£200,000 £1,500 £0
£208,000 – average first-time buyer property in the UK £1,660 £0
£300,000 £5,000 £0
£400,000 £10,000 £5,000
£410,000 – average first-time buyer property in London £10,500 £5,500
£500,000 £15,000 £10,000
Above £500,000 Stamp duty due is unchanged on purchases above £500,000



How we can help

To see how this will work in practice, please click here or contact:

Paul Westwell at;

Beverley Pretl at;

Anna Curran at

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