As part of a range of measures to aid the UK’s housing crisis and help young buyers get on the property ladder Chancellor Philip Hammond has announced that, with immediate effect, stamp duty for all properties up to £300,000 will be abolished.
In addition, those spending up to £500,000 will benefit, as the first £300,000 will remain stamp duty-free. But what does this really mean for the market and prices in London?
PropertyWorld Director Dan Crowley comments “Abolition of stamp duty for first time buyers is well intended, and hopefully a boost for those trying to get on the ladder. Only time will tell if it also pushes up house prices. Evidence from similar attempts in the past suggest that will be the unintended consequences.”
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