Stamp duty cut for first-time buyers will push up prices, warns OBR

Budget more than doubles tax threshold to £300,000, effectively exempting 80% of all first-time property purchasersOne of the key measures in the chancellor’s drive to help young buyers get on to the property ladder could backfire by pushing up house prices, benefiting those who already own homes, the independent Office for Budget Responsibility has warned.Philip Hammond announced the immediate abolition of stamp duty for all properties up to £300,000 bought by first-time buyer