Sunak promises to cut stamp duty up to £425k for first-time buyers

Pledge comes as parties prepare to launch their manifestos, with Labour to offer support for small businesses

Stamp duty on homes up to 425,000 will be scrapped for first-time buyers, Rishi Sunak is expected to pledge in the Conservatives' election manifesto.

Stamp duty land tax currently applies to sales over 250,000 and the change would affect 200,000 households annually. The move to ditch the tax altogether, as reported in the Telegraph, has been committed to in the Tory manifesto being launched next week.