Mon 26 Sep 2022
Chancellor Kwasi Kwarteng has announced that stamp duty will be cut.
In future there will be no stamp duty on the first £250,000 of a property purchase, instead of £125,000.
First time buyers will only pay SDLT on homes over £425,000, up from £300,000. First time buyers' relief is available on properties up to £625,000, up from £500,000.
No change has been announced for additional property SDLT surcharges.
Andrew Oulsnam comments on this new announcement:
"The Chancellors announcement of a stamp duty cut, is very welcome for the housing market which had started to be effected by interest rate rises and the cost of living, it will be particularly welcome for first-time buyers, and should encourage those at the first rung of the housing ladder to take the plunge, which will be good not just for the market but for job and social mobility across the board, as well as the wider economy.
We particularly welcome the decision to make it a permanent move. The temporary nature of the last stamp duty concession, which was tied to completion dates, caused chaos as everybody tried to move in the same week, making it a nightmare for solicitors and removal companies as well."
If you would like to know what this means for you, perhaps you are selling your home currently or you want to buy your first home? Contact your nearest Oulsnam office today and we will be happy to help.