Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of incoming stamp duty thresholds on first-time buyers in (a) London and (b) other high cost areas.

Stamp Duty Land Tax (SDLT) is an important source of Government revenue, raising around £12 billion each year to help pay for the essential services the Government provides.

In September 2022, the previous Government announced a change to the level at which first time buyers start paying SDLT from £300,000 to £425,000, with the purchase price limit for accessing the relief set at£625,000. These changes were made temporary in November 2022. After the rates reverted on 1^st April 2025, first time buyers can still benefit from paying no SDLT up to £300,000 and will be able to claim relief on purchases up to £500,000.

At Autumn Budget 2024, the higher rates of SDLT for additional dwellings were increased by two percentage points from three per cent to five per cent. This will ensure that those looking to purchase their first property or move home have a greater advantage over second home buyers, landlords, and companies purchasing residential property.