Charles McDowell, Aldermore’s Commercial Director, Mortgages, says: “It’s encouraging to see such positive figures released by the Ministry of Housing, Communities & Local Government (MHCLG) today, highlighting that 69,000 first time buyers have already benefited from the Government’s decision to abolish stamp duty, for those purchasing properties under £300,000. “Prior to the Government announcing plans to abolish stamp duty, our research1 revealed that three in 10 (30%) prospective first time buyers would accelerate their plans to buy a home if it was temporarily reduced, therefore today’s figures reinforce that it was a much needed move to help this group who have previously struggled with an overly complex and costly system. “Whilst a number of first time buyers have managed to reach their goal, due to the cuts in stamp duty, the underlying issue still remains that more affordable homes need to be built in the right places. Although the Government predicts the stamp duty cut will help over one million people get onto the housing ladder in the next five years, this won’t become a reality for those taking their first step on the property ladder if they are priced out of the market.” *Ends* For further information, journalists can contact: Chelsey Palmer, Aldermore Phone: 07341 868 281 Email: firstname.lastname@example.org Notes to Editors: 12004 online interviews with UK adults (aged 18+) were conducted by Opinium Research from 3 to 7 November 2017 with a sample of 1071 homeowners (bought their home 4 or more years ago), 201 recent buyers (bought their home within the last 3 years) and 212 prospective first time buyers. For further information about Aldermore, please review our Notes to Editors page.