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Chancellor Kwasi Kwarteng outlined his plans for the economy during the ‘mini-budget’ announced last week.
This included changes to stamp duty, tax cuts and other measures aimed at boosting the nation’s finances.
Here’s what the Chancellor said about stamp duty as reported by leading estate agency news website – Property Industry Eye.
“The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000.
“The government 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.
“According to the Chancellor, 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.”
The announcement comes less than 24 hours after the Bank of England raised the interest base rate to 2.25%.
What it Means to Buyers and Sellers
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