In the November 2017 Budget, Philip Hammond, the Chancellor of the Exchequer, announced that effective immediately, first time buyers would not have to pay Stamp Duty Land Tax (SDLT) when buying a property for £300,000 or less.

For properties with a purchase price up to £500,000, first time buyers would not have to pay SDLT on the first £300,000.

The Association of Mortgage Intermediaries has warned that the recent stamp duty cut for first-time buyers was about "politics, not housing policy" and could spark a gradual rise in high-LTV and new build rates during 2018.

The AMI predicts the change may "contribute further to lender reluctance to offer super competitive rates at high LTV" after the OBR warned any savings made by first-time buyers in stamp duty were likely to add to price inflation.

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