The Conservative Party would permanently cut stamp duty for first-time buyers if re-elected, it’s being widely reported.
As it stands first-time buyers don’t pay stamp duty on properties worth up to £425,000, though the threshold is set to return to £300,000 in March of next year. The maximum value for partial relief for FTBs was also raised from £500,000 to £625,000.
The change was a policy from short-lived Prime Minister Liz Truss, who also temporarily raised the minimum stamp duty threshold from £125,000 to £250,000 – a change that is also due to expire in March of next year.
The manifestos of the Conservatives, Labour and the Lib Dems are expected to be published this week, which should contain details like the Tory stamp duty plans.
Stamp duty has received lots of attention during the Conservatives’ time in government, as the introduction of a temporary stamp duty holiday during the covid-19 pandemic significantly fired up the market, driving up transactions and house prices.
First-time buyers in Wales and Scotland don’t benefit from stamp duty relief, though lower house prices mean fewer have hefty stamp duty bills anyway.
