On 22 November the Chancellor made a key announcement for first time buyers in the Autumn Budget.
To make housing more affordable, the Chancellor abolished stamp duty for first time buyers on properties up to £300,000, and on the first £300,000 on properties up to £500,000. Nationally, the move will save 80% of first-time buyers from paying stamp duty entirely, and reduce the cost for 95% of this group.
Here in Elmbridge, where the average first time buyer spends £420,000 on a property (according to Land Registry figures), he or she will save £5,000. This is good news for young people looking to get on the housing ladder and a step towards realising the Conservative vision of Britain as a property-owning democracy.