Increase the stamp duty threshold to £350,000 for first time buyers to reflect the rise in house prices as a result of the Stamp Duty Holiday. This holiday benefitted existing home owners and propped up the property market but has negatively impacted some first time buyers.
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The Stamp Duty Holiday was introduced to support the housing market through the pandemic. This resulted in a huge increase in house prices. While the holiday supported the sale and purchase of houses for existing homeowners, it negatively impacted some FTB. Houses valued at £300,000 prior to the pandemic have significantly increased and the threshold should reflect this. In additon to this, First Time Buyers are having to increase offers to stand any chance of purchasing a home in the current market.