The stamp duty relief introduced to first-time home buyers in the UK last year is helping thousands of first-steppers to climb up the property ladder. As many as 121,500 first-time buyers have claimed stamp duty exemption ever since it was announced.

According to latest statistics released by HM Revenue & Customs, the estimated total amount relieved by the first-time buyers under the waiver was £284 million. It is encouraging to note that first-time buyers are taking advantage of the stamp duty relief. This is in favour of the housing market, as spiraling prices has worked against interests of the first-time buyers.

In a bid to encourage first-time buyers, the government abolished stamp duty for house purchases valued at £300,000 or less. In addition, property transactions worth more than £300,000, but less than £500,000, are liable to pay 5 per cent stamp duty on the portion over £300,000.

First-time buyers are gradually seeing the value that they are deriving from the relief. During the second quarter of 2018, about 52,400 transactions claimed first time buyers’ relief, registering a growth of 18 per cent over the first quarter. 

Strawberry Star, recognising the needs of first-time buyers, has announced a residential-led mixed use scheme in London’s top commuter belt of Luton. Homes specifically targeted at first-time buyers will be built over the next two-three years.