Stamp duty cut no boon as UK home sales fall to 13-month low

London

UK CHANCELLOR of the Exchequer Philip Hammond's efforts to help young people onto the housing ladder by cutting taxes are showing no signs of working yet.

In December, the first full month since Mr Hammond abolished stamp duty for first-time buyers of homes valued up to £300,000 (S$554,560), the number of residential properties changing hands fell to 99,100, the lowest since November 2016, according to data from HM Revenues and Customs on Tuesday.