Limited benefit for first-time buyers
Besides London, where the average first-time buyer spends £422,000, the savings would be small relative to the other hurdles associated with buying a first property.
The average first-time buyer price across the country is £200,000.
Outside of the South and eastern England, the savings involved in scrapping duty for first-time buyers would be less than £1,000.
In all regions, large deposit requirements caused by soaring house prices and the income required to obtain a large mortgage remain the biggest problems.
Lucy Brennan, a partner at accountancy firm Saffery Champness, said: “Once first-time buyers have saved for a deposit, stamp duty might not actually be a significant cost for them at all. In London, although the stamp duty saving seems large at an average of £11,000, compared with the cost of a deposit it’s not a huge saving.”