Philip Hammond’s “gift” to first-time buyers in the budget does not really help the market much. In fact, even the Office for Budget Responsibility said that it might push prices up thereby making life harder for the very people it was supposed to help.
Guy Anker of MoneySavingExpert.com says: “This could benefit lots of first-time buyers, but it’s unlikely to significantly affect whether someone can afford to buy their first home, as the key barrier in many regions is high house prices. The average first-time buyer pays around £210,000 for their first home, which means they’ll save £1,640 on stamp duty under this new system. That’s clearly a step in the right direction but it won’t fundamentally change the housing market.”