The Budget’s Stamp Duty cut for shared ownership first time buyers has been welcomed by the Leeds Building Society.

Shared ownership enables purchasers to buy a share of up to 75% of a property, reducing the size of the deposit they will need.

In Monday’s Budget, Philip Hammond abolished Stamp Duty for first time buyers of shared ownership properties worth £500,000 or less.

Jaedon Green (pictured), director of product and distribution at Leeds Building Society, said: “As a leading provider of shared ownership mortgages, we’re pleased to see the Stamp Duty cut, which will help thousands more first time buyers step on to the housing ladder sooner.

“Backdating this benefit to the last Budget is a bold move which corrects the previous Stamp Duty anomaly between shared ownership and other first time buyers.

“Shared ownership has been around for almost 40 years but many people remain unaware of it, or misunderstand how it works, so we hope the Chancellor’s action will draw more attention to what is becoming the fourth mainstream housing tenure in the UK.

“Some people still think shared ownership is only for key workers in London and the South East but purchasers don’t all fit in one mould – this market is strong, healthy and growing across the UK and offers a way to help more people to have the home they want.”