The Conservative leader at Cheshire East Council has welcomed Budget news which will be a major boon for first time buyers across the region.

In today’s Budget Chancellor Philip Hammond said he will abolish stamp duty land tax on homes under £300,000 for first-time buyers from November 22, a proposal which will benefit 95 per cent of people looking to set up a home.

First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000.

They will pay the normal rates of stamp duty on the price above that.

This will save £1,660? on the average first-time buyer property. Eighty per cent of people buying their first home will pay no stamp duty.

Welcoming the news, Cllr Rachel Bailey said: “This is great news for people wanting to get on the housing ladder across Cheshire East.

“The removal of Stamp Duty for local first-time buyers will be good for taking pressure of the housing markets and many young people here who may rely on their parents to get their first home.”

The Stamp Duty plans come on the back of other news announced by the Chancellor in his Budget speech today to build 300,000 new homes a year.

There is to be £15.3 billion of new financial support for house building over the next five years – taking the total to at least £44 billion. This includes £1.2 billion for the government to buy land to build more homes, and £2.7 billion for infrastructure that will support housing.

Changes to the planning system will encourage better use of land in cities and towns.