In the last Budget we abolished stamp duty for first-time buyers for the first £300,000 of a property’s value up to £500,000 in total. That has meant that 95% of first-time buyers have paid less stamp duty and a full 80% of first-time buyers have paid no stamp duty at all.
Last November the Chancellor announced an ambitious package to tackle the broken housing market. How many first-time buyers have benefited from that package, particularly in Essex, and where can people find further information about this so we can make hopefully impressive numbers even greater?
Some 69,000 individuals have already benefited from this vital tax relief and over 1 million will do so over the coming five years. We do not have disaggregated data specifically for Essex, but I can tell my hon. Friend that within the south-east 12,900 individuals have benefited from first-time buyer tax relief.
As I outlined to my hon. Friend the Member for South Basildon and East Thurrock (Stephen Metcalfe) who asked the preceding question, in the south-east 12,900 first-time buyers have benefited from this relief, of whom 9,000 purchased a property of a value of between £300,000 and £500,000 in total.