The Government should consider the significant rise in house prices and cost of living crisis affecting first time buyers by: Raising the threshold for full relief on SDLT for first-time buyers from £300k to £400k; and Raising the upper threshold for the reduced 5% SDLT rate from £500k to £600k
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Increasing these thresholds would help first-time buyers purchase their first property. These limit do not take into account that house prices and the cost of living are rising unsustainably. It is significantly easier to go past this threshold when looking for a house especially since there is a shortage of houses and all new built houses cost significantly more.