House prices increase by precisely the amount of stamp duty cut

THE price of homes for first-time buyers has gone up by exactly what they are set to save after yesterday’s cut in stamp duty.

Prospective first-time buyers of a £280,000 London flat, set to save £4,000 in stamp duty, will now find that the flat costs £284,000.

Estate agent Carolyn Ryan said: “I’ve just finished changing all the prices in the windows.

“It took two hours actually, so unfortunately we will have to pass that on to buyers as an extra £200 admin fee.”

First-time buyer Nikki Hollis said: “With this, two combined wages, and a £40k deposit borrowed from my parents – actually, better make that £44k – we can afford the one-bedroom ex-council Catford flat of our dreams.”

Renter Tom Logan, however, said: “This is a joke. It’s all very well for the likes of Nikki. I’m on £24,000 a year with no deposit, no rich parents.

“I’m going to be stuck in this one-bedroom council flat in Catford forever.”