The Government has scrapped the first £300,000 of stamp duty on homes worth up to £500,000. Here are some real life property examples of how the benefit could pay off.

First-timers yet to complete on the purchase of a home were handed a golden ticket in Wednesday’s Budget when the Chancellor announced they would escape the first £300,000 of stamp duty on homes worth up to £500,000.

Here’s a rundown of how the changes would look on five homes currently for sale on Zoopla.

1. Three-bedroom detached house in Swaffham, Norfolk

Asking price: £207,500

Stamp duty for first-time buyers: Zero

Saving: £1,650

Three-bedroom detached house in Swaffham, Norfolk

As of November 22, this immaculate new-build home won’t cost first-timers a penny in stamp duty. Before that date, the bill would have rung in at £1,650. The three-bedroom home offers an open-plan kitchen, dining and living area, and ‘under stairs’ utility room.

Available via William H Brown

2.  Four-bedroom end-of-terrace in Redruth, Cornwall

Asking price: £300,000

Stamp duty for first-timer buyers: Zero

Saving: £5,000

Four-bedroom end-of-terrace in Redruth, Cornwall

Priced at £300,000, this beautifully-refurbished home in Redruth, Cornwall is the trigger point for maximum stamp duty savings. At the start of the week, the bill would have cost £5,000 but now there’s no tax payable at all. Pour the extra cash into your deposit or put it towards furniture – there’s already a sleek new kitchen and bathroom.

Available via Millerson

3. Two-bedroom flat in Isleworth, West London

Asking price: £410,000

Stamp duty for first-time buyers: £5,500

Saving: £5,000

Two-bedroom flat in Isleworth, West London

In a bid to support first-time buyers in pricier parts of the country, the Chancellor extended the £300,000 stamp duty break to homes worth up to £500,000. While you’ll still need to pay the tax on the last £200,000, the stamp duty bill on this two-bedroom London flat will be slashed from £10,500, to £5,500.

Available via Dexters

4. Four-bedroom farmhouse in Great Yarmouth, Norfolk

Asking price: £500,000

Stamp duty for first-time buyers: £5,500

Saving: £5,000

Four-bedroom farmhouse in Great Yarmouth, Norfolk

Here’s an example of the benefit at the top end of the scale – this 400-year old farmhouse in Great Yarmouth up for half-a-million will generate a stamp duty bill that’s £5,000 cheaper for first-time buyers. And with its gorgeous country kitchen and manicured gardens, it makes a very impressive first home.

Available via Fine & Country

5. Two-bedroom end of terrace house in Ouston, Chester Le Street, County Durham

Asking price: £114,500

Stamp duty for first-time buyers: Zero

Saving: £0

Two-bedroom end of terrace house in Ouston, Chester Le Street, County Durham

If the home you are buying is priced under £125,000, no stamp duty would have been payable anyway – first home or not. It means that, at £114,500, the stamp duty payable on this modernised two-bedroom house in County Durham, is still zero.

Available via emoov

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