BREAKING NEWS! Stamp duty cut to save homebuyers thousands of pounds

Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut in the mini-Budget announced this morning.

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 to £11,250 in relief.

The government says that growth is its top priority and by taking these measures will boost the property market, in turn helping businesses expand to help fuel the wider economy’s growth.

***Source: Property Industry Eye

https://propertyindustryeye.com/eye-newsflash-stamp-duty-cut-to-save-homebuyers-thousands-of-pounds-full-details-announced/