First-time buyers may end up having to pay more for their homes because Philip Hammond’s decision to scrap stamp duty for such purchases is likely to lead to a sharp rise in house prices, MPs have warned.
In an intervention that is likely to raise further questions over the housing policy at the heart of the budget, the Treasury select committee predicts that it is likely to increase prices for first-time buyers “by as much, if not more, than the amount they will save as a result of the reduction in stamp duty”.
In November the chancellor announced that they would no longer have to pay stamp duty on the first £300,000 on homes costing less than £500,000.
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