The Chancellor has announced in the 2018 Budget that the first time buyer relief is being extended to those who purchase shared ownership properties.
The change follows the abolition of stamp duty land tax (SDLT) in 2017 for first time buyers of properties worth less than £300,000, of which shared ownership properties were not eligible.
Shared ownership schemes are designed to help young people onto the housing ladder, allowing the buyer to purchase a portion of the property with the rest owned by a housing association, on which rent is paid.
This means that first time buyers of shared ownership properties in England and Northern Ireland will now pay zero stamp duty on the first £300,000 of any home that costs up to £500,000.
The relief is also extended to properties already purchased by first time buyers under shared ownership schemes since 22nd November 2017 if they were valued at £500,000 or under and a refund can be obtained.
These changes will reduce the upfront cost of buying a home for more first time buyers.
First time buyers purchasing a shared ownership property where the market value is more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.
More detailed information is available on the government website.