U.K. Cuts Stamp Duty for Some First-Time Homebuyers

The video discusses the challenges faced by young first-time home buyers, particularly the upfront cash required. The government has invested £10 billion in the Help to Buy equity loan scheme. Additionally, a new measure abolishes stamp duty for first-time buyers on properties up to £300,000, with partial relief for properties up to £500,000 in high-price areas like London. This initiative aims to support 95% of first-time buyers, with 80% paying no stamp duty.

What is one of the main challenges faced by young first-time buyers according to the speaker?

• Understanding the buying process

• The upfront cash required

• Securing a mortgage

• Finding a suitable property

What is the government's initiative to help first-time buyers save for a deposit?

• Increased housing supply

• Reduced interest rates

• Help to Buy equity loan

• Temporary stamp duty holiday

What change did the speaker announce regarding stamp duty for first-time buyers?

• A gradual decrease over five years

• A temporary reduction

• An increase in stamp duty rates

• A complete abolition for purchases up to £300,000

How does the stamp duty relief benefit first-time buyers in high-price areas like London?

• It offers a discount on all properties

• It applies to the first £300,000 of properties up to £500,000

• It provides a tax rebate

• It reduces property prices

What percentage of first-time buyers will pay no stamp duty at all due to the new changes?

• 95%

• 80%

• 60%

• 50%