Chancellor Kwasi Kwarteng today announced a significant change in the overhauling of UK stamp duty land tax (SDLT). Whilst not taking the cuts as far as some homebuyers would have liked, the changes will mean welcome savings in particular for first time buyers.
Mortgages
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
