24/09/2022
Stamp Duty Cut
The price of Stamp Duty has been permanently cut
Chancellor Kwasi Kwarteng has today announced a permanent cut to Stamp Duty which will come into effect immediately. The cut raises the threshold of how much a property must cost to £250,000, while First-time buyers won’t have to pay Stamp Duty up to £425,000 raised from £300,000.
The Chancellor also said, “And we’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000. The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today.”
As of June 2022, the average price of a semi-detached home was £292,222 while a terraced home was £250,778. This means that the Stamp Duty cut will literally save thousands of pounds for families across the UK. Money that could go towards decorating and renovations, or simply to help with living costs.
To find out how much you could save when it comes to buying your first home, or selling and buying, please contact us today for the latest pricing.
