Gordon Brown also announced a series of "green" measures in today's budget announcement including exempting all new zero-carbon homes worth up to £500,000 from stamp duty, reducing VAT on energy-saving products and grants of up to £4,000 for pensions to insulate their homes.
The Chancellor failed to announce any change in stamp duty thresholds which will come as a big disappointment to first time buyers hoping for an exemption to support their efforts in making a first step on the property ladder.
But what does this mean for first time buyers and younger groups trying to make their first step on to the property ladder?
Gordon Brown used his 11th and final budget speech today to announce surprise tax cuts that would see UK rates reduced to their lowest level for 75 years. He also announced plans to raise the Inheritance Tax Threshold (IHT) from £285,000 to £350,000 by 2010.
But what does this mean for first time buyers and younger groups trying to make their first step on to the property ladder?
Nicholas Leeming, director of propertyfinder.com comments:
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