Chancellor cuts stamp duty

Following the Chancellor's "mini budget" this morning it has been announced that 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 in two ways. Firstly, by increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000.

Secondly by 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.

This will restore confidence within the housing market that has been dented by the cost of living crisis and the market levelling off. We welcome any changes that makes it easier and cheaper for people to move, but we also recognise that there will always be people that need to move home, regardless.

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