Stamp duty cut ‘could spectacularly backfire’ first-time buyers warned

The average cost of a home in London is now £543,517, according to the Office of National Statistics

(Picture: Daniel Lynch)

London first-time buyers will no longer pay stamp duty tax on the first £425,000 of a property price from today, Chancellor Kwasi Kwarteng has announced, raising the threshold from £300,000.

First-time buyers are now permitted to access the tax relief when they buy a property that costs up to £625,000 rather than the previous limit of £500,000.