The most notable change relating to property in the latest budget was, perhaps, the raising of the stamp duty levy to £250,000 and the increase in stamp duty payable to 5% for property over £1,000,000.
The raising of the stamp duty threshold is not, however, a blanket one. It only applies to first time buyers. In other words, as I understand it, to benefit, you must never have owned (either solely or jointly) any residential property at ant time anywhere in the world!
For non first time buyers, the existing stamp duty bands apply. In other words stamp duty at 1% will be levied on property transaction over £175,000 and under £250,000.
On top of this, the property you buy must used as your main residence. No living in rented accommodation and applying for the relief on a house bought as a buy to let.
If buying a property with another party, to qualify for the relief, none of the parties must have previously owned a property.
The relief applies to all completions as of now. Even if contracts were exchanged before the budget announcement, relief will be given assuming all the other criteria are met.
The changes are not, perhaps, as radical as they may have at first been seen. This is particularly the case when you consider that on a £250,000 property, the saving will be £2,500. I am not convinced this will provide the stimulus that the first time buyer market needs (most first time buyers will probably be buying property at much less than the £250,000 limit and so the savings will be less). Nevertheless, it can only be a step in the right direction.