Properties under £250,000 will no longer be subject to stamp duty.
It is beneficial for first-time buyers who would have to spend more than £500,000 to avoid stamp duty.
The figure has been raised from £125,000 to £625,000. A permanent cut of £30,000 will apply for all properties.
Labour announced a measure that will reduce first-time buyers' tax by £2,500. The average home in London is €625,000.
If someone purchases that home, this will be the cost, and they will receive relief on their stamp duty.
In the UK, on average, a home is €292,000, which this person will purchase at a reduced rate of €2,100 in tax.
Changes have now been made to UK stamp duty rates which apply to houses worth over £300,000.