Stamp Duty

In a proactive move to stimulate property sales amid economic uncertainty, the government has made significant changes to Stamp Duty Land Tax (SDLT) this week. The SDLT threshold has been raised to £250,000, meaning no tax will be applicable on houses sold below this threshold. First-time buyers could potentially save up to £11,250, thanks to the anticipated impact of this move.

Effective immediately, properties within England and Northern Ireland are now exempt from Stamp Duty Land Tax (SDLT) on transactions up to £250,000. Furthermore, first-time buyers enjoy an extended exemption, with no stamp duty applicable on properties up to £425,000, up from the previous £300,000 threshold.

In addition to these changes, the government plans to release more land. Including both green and brown-field sites, to facilitate increased house building. There are also discussions about reducing planning restrictions to streamline the building process.

Chancellor Kwasi Kwarteng, aiming to spur economic growth, stated, “Cuts to Stamp Duty will get the housing market moving again and help 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.”

This announcement is a ray of hope for many first-time buyers aspiring to step onto the property ladder. While experts anticipate these changes to positively impact the housing market, the response of the property market to challenging economic circumstances is yet to unfold. In a time when costs seem to be on the rise, the reduction in taxes is a welcomed relief. Here’s hoping these measures assist many of you in finding your dream home! And if you have, feel free to give us a call to see how we can assist in your move 🏡🏘