Until 31 March 2021, first-time buyers in England and Northern Ireland will only pay stamp duty on properties costing more than £500,000.
The previous threshold was £300,000, which meant that the majority of first-time buyers were already exempt from the tax, as average prices paid for a first home in England currently stands around £208,000.
The new £500,000 threshold means that you can benefit if you are planning on purchasing a property in a more expensive area.
