Stamp Duty Update
The Chancellor has confirmed a stamp duty cut in the mini-Budget.
The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000.
This government is also committed to helping first-time buyers get on the property ladder in two ways. Firstly, by increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000.
In addition, the government is allowing first-time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.
These measures will reduce stamp duty bills across the board for all movers by up to £2,500 with first-time buyers able to access up £11,250 in relief.
If you are thinking of buying or selling a home and you have any questions about the updated stamp duty rates, get in touch with Duncan using the details below.
duncan.kaye@keysandlee.co.uk
07969 638349