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@dwl
It's a slight penalty on first time buyers in London (as opposed to first time buyers outside of London & the SE) on the basis that the "duty-free" allowance of £125,000 is sufficient to cover all/most of a fairly typical 2-bed place in many parts of the country. So in effect there's realistically £0 Stamp Duty for First Time Buyers in, for example, Rotherham.
Stamp Duty thresholds should arguably have a weighting depending on the typical property values in whatever part of the country you're purchasing in but that's another debate.