Martin Lewis has called the Government out on a claim that a typical first time buyer will save more than £11,000 with new stamp duty cuts.
The changes to stamp duty formed part of Chancellor Kwasi Kwarteng ’s mini-budget last month. Under the old rules, no stamp duty was paid on the first £125,000 of a property purchase, or the first £300,000 for first-time buyers if the property cost less than £500,000.
The mini-budget saw the £125k threshold double to £250k, while the first-time buyer threshold rose to £425k and now applies to any property up to £625k. But as the Government posted a message on social media saying how much money first-time buyers would save with these new figures, Martin blasted the claims as “nonsense”.
