Stamp Duty cut announced
Fri 23 Sep 2022
Hoopers Estate Agents in Neasden bring you the latest property market news following a Mini Budget on 23rd September. Chancellor Kwasi Kwarteng has outlined a series of tax cuts and economic measures in a shake-up of the UK’s finances.
The Chancellor has announced a cut to Stamp Duty by raising the threshold of how much a property costs before Stamp Duty is paid. No change was announced for additional properties’ Stamp Duty surcharges.
The changes are effective immediately and the Government have stated it is permanent.
The changes to Stamp Duty are:
The threshold of how much a property costs before Stamp Duty is paid has risen from £125,000 to £250,000.
First time buyers will pay no Stamp Duty on the first £425,000. This has been raised from the previous £300,000 threshold.
The limit in which first time buyers can claim relief has risen from £500,000 to £625,000
What does this mean for the property market?
This is great news for those currently in the process of buying a property. If you currently have a property transaction going through, there is no need to delay in order to save money because the changes are available immediately.
It is estimated that these changes will lift 200,000 homebuyers out of paying the tax altogether every year. The Growth Plan also promised to release more Government land to support housebuilding and to remove planning restrictions to boost supply.
In his statement, Kwarteng said:
“Cuts to Stamp Duty will get the housing market moving and support first-time buyers to put down roots. New Investment Zones will bring business investment and release land for new homes in communities across the country. And we’re accelerating new road, rail and energy projects by removing restrictions that have slowed down progress for too long.”
“We want businesses to invest in the UK, we want the brightest and the best to work here and we want better living standards for everyone.”
Do you have any questions about the changes to Stamp Duty?
If you are wondering how the changes to Stamp Duty will affect you in your moving journey, then please get in touch with our friendly team at Hoopers Estate Agents. Our Neasden team are ready to answer all of your questions.
Give us a call today on 020 8450 1633 or feel free pop into our branch in Neasden Shopping Centre for a chat.