To ask His Majesty's Government what estimate they have made of the impact on the volume of transactions following the reduction of the first-time buyer threshold for stamp duty to £300,000 in April 2025.

Following the reversion of the First Time Buyer’s Relief nil-rate band and purchase price limit on 1 April 2025 by the previous Government, HMRC analysis estimates that there will be 4,000-6,000 fewer first-time buyer transactions per year between 2025/26-2029/30.

However, at Budget 2024, the higher rates of Stamp Duty Land Tax (SDLT) for additional dwellings were increased by two percentage points from 3% to 5%. This measure will ensure that those looking to move home, or purchase their first property, have a greater advantage over second home buyers, landlords, and companies purchasing residential property. The OBR certified costing estimates that increasing the higher rates of SDLT by two percentage points is expected to result in 130,000 additional transactions over the next five years by first-time buyers and other people buying a primary residence.