Stamp duty will be abolished for first-time buyers on properties worth up to £300,000, or the first £300,000 of a property worth £500,000. Buyers will pay the normal rates of stamp duty any amount above £500,000. This will save £1,660 on the average first-time buyer property.
The Chancellor said 95% of first-time buyers who pay stamp duty will benefit while 80% of people buying their first home will pay no stamp duty. There will be no relief for those buying properties over £500,000.