Stamp Duty Cut Could Cost First-Time Buyers Twice As Much As They Save

The stamp duty cut for first-time buyers could cost those purchasing a home more than twice as much as it saves them, a think tank has claimed.  The Resolution Foundation said the policy will inflate house prices by more than the saving it will deliver for many buyers. It added that the change will only marginally reduce the time it takes an average first-time buyer to save up to buy a property – from 19 years to 18.5 years. It also said the rise in house prices that the policy is likely to cause equates to a £3,200 increase in the cost of an average-price home – more than double the average £1,600 saving it will deliver. Read more on the Independent website.