Britain slashes property purchase tax for first-time buyers

London

BRITISH Prime Minister Theresa May slashed property purchase taxes for first-time buyers in a bid to win over younger voters who have shunned the ruling Conservatives because they are unable to buy a home.

A shortage of affordable housing in Britain has forced many people to live with their parents for far longer, to rent well into their 30s or buy properties further away from their place of work, pushing the issue to the top of the political agenda.

Mrs May is anxious to show that her government is meeting the needs of those in their 20s and 30s, who largely backed the opposition Labour Party in June's snap election, depriving her of a majority in parliament.

Finance minister Philip Hammond announced the move in his annual budget statement. It means a buyer will save up to £5,000 (S$8,900) on a new home due to the change in stamp duty, a tax paid on property purchases, whi…