Finally, some good news for the housing market! As the new mini-budget was introduced today, we were informed of the changes to the brackets/rates of the current stamp duty tax.
The changes are as follows:
The threshold at which the current tax bracket starts has been raised to £250,000 from its current £125,000 level.
Meanwhile the threshold for first-time buyers has been increased from £300,000 to £425,000.
The chancellor also increased the value of the property in which first-time buyers can claim stamp duty relief from £500,000 to £625,000.
Anyone other than first-time buyers spending £300,000 will now be charged £2,500, rather than the previous £5,000.
A buyer splashing out £500,000 on a home will now be charged £12,500 rather than the previous £15,000.
The changes should mean that 200,000 buyers will not pay stamp duty at all.
How much stamp duty would you pay now?
Average £270,000 home: £1,000 - saving £2,500
£350,000 home: £7,500 - saving £2,500
£450,000 home: £10,000 - saving £2,500
£500,000 home: £12,500 - saving £2,500
£750,000 home: £25,000 - saving £2,500
£1,000,000 home: £41,250 - saving £2,500
All in all, finally some great news for property buyers!
Start your search now by calling up our sales team on 01743 357 000 (option 1) or visiting our available properties tab
