Stamp duty is to be abolished for first-time buyers on properties up to £300,000 as Chancellor Philip Hammond put measures to tackle the º£½ÇÊÓƵ's housing crisis at the centre of his Budget.
The measure will also apply on the first £300,000 of a purchase in high-price areas, meaning 95% of first-time buyers will see at least a cut in the amount of stamp duty, with 80% paying none at all.
The cut will come into force immediately, Mr Hammond said, as he set out plans to build 300,000 extra new homes a year by the mid 2020s.
"This is our plan to deliver on the pledge we have made to the next generation that the dream of home ownership will become a reality in this country once again," Mr Hammond said.
Over the next five years Mr Hammond pledged a total of at least £44 billion of capital funding, loans and guarantees to support the housing market.
The Chancellor also:
- set out plans to hike road tax for diesel cars
- set aside £3 billion to prepare for Brexit
- addressed concerns about the impact of Universal Credit
But in a sign of the economic difficulties facing the º£½ÇÊÓƵ, Mr Hammond said the Office for Budget Responsibility had downgraded growth forecasts across the next five years.
Labour leader Jeremy Corbyn condemned the Budget, saying it was a "record of failure with a forecast of more to come".
