75% of first time buyers benefited from stamp duty changes
05 December 2018
By Andi Michael
After the change in Stamp Duty thresholds for first time buyers from the November 2017 Budget, our data revealed that three out of four first time buyers in England have benefited.
We analysed first time buyer purchases over the last year and discovered a disparity in the benefits regionally. Those in London and the South East have reaped far greater savings than those in the North and the Midlands, where lower house prices mean the changes have had a smaller impact.
Earlier this month, HMRC reported that 58,800 first time buyers claimed first time buyer relief (FTBR) in the third quarter of this year, taking the total number of users during the period of November 2017 to November 2018 to 180,500, saving £426 million between them.
Of the total amount saved in stamp duty between November 2017 and November 2018, first time buyers in London have enjoyed a 28% share, worth approximately £119 million, followed by the South East at 25% (£106 million) and the East at 14% (£62 million). Meanwhile, first time buyers in the North East enjoyed just 1% of the savings, worth £5 million.
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