Written questions, answers and statements

Stamp Duty Land Tax: First Time Buyers

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Question for Treasury

UIN 14692, tabled on 18 November 2024

Question

Sarah Owen
Labour
Luton North
Commons

To ask the Chancellor of the Exchequer, what steps she is taking to support first time buyers with stamp duty.

Answer

James Murray
Labour
Ealing North
Commons

Answered on

21 November 2024

At Autumn Budget 2024, the higher rates of Stamp Duty Land Tax (SDLT) for additional dwellings were increased by two percentage points from 3% to 5%. This measure will ensure that those looking to move home, or purchase their first property, have a greater advantage over second home buyers, landlords, and companies purchasing residential property. The OBR certified costing estimates that increasing the higher rates of SDLT by two percentage points is expected to result in 130,000 additional transactions over the next five years by first-time buyers and other people buying a primary residence.

Answered by

Treasury
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