The Government should introduce an exemption for first time buyers from stamp duty on their first home, no matter how much is paid for the property.
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This should encourage first-time buyers to enter the property market rather than renting, as the cost of buying your first home is extremely high in relation to earnings.
First time buyers currently pay no stamp duty on the first £300,000 of their purchase price, and 5% on the remainder up to £500,000. Standard stamp duty is then paid on any portion above £500,000. This should be abolished so first time buyers pay no stamp duty no matter how much it cost them.