An estimated 16,000 people have already benefitted from changes to Stamp Duty announced by the Government in the Autumn Budget.

The Government has abolished Stamp Duty altogether for first-time buyer purchases up to £300,000, and made this relief available for the first £300,000 of properties worth up to £500,000, providing help for people in higher value areas.

The changes mean a Stamp Duty cut for 95% of all first-time buyers who pay it and no Stamp Duty at all for 80% of first time buyers, with savings of up to £5,000.

So while 16,000 first-time buyers are have already saved thousands of pounds since the changes took effect in November, over a million are set to benefit in total over the next five years.

Prime Minister Theresa May said: “In the Autumn we set out ambitious plans to fix the broken housing market and make sure young people have the same opportunities as their parents’ generation to own their own home.

“This has had an immediate impact, with thousands of people already making savings thanks to our Stamp Duty cut, and over a million first-time buyers over the next five years are expected to save money that they can put towards a deposit, solicitors’ fees or furniture.

“We are building a Britain that is fit for the future and our message to the next generation is this – getting on – and climbing up – the housing ladder is not just a dream of your parents’ past, but a reality for your future.”