Chancellor Kwasi Kwarteng has announced a cut to stamp duty as part of his mini-Budget. 🏠 The level at which homebuyers pay the tax will be doubled to £250,000, with additional support for first-time buyers.
First-time buyers will not have to pay any stamp duty on property up to £425,000, up from £300,000.
On the face of it, cutting stamp duty is a good thing for people planning to buy houses, as it means they pay less tax on their purchase, making the home more affordable. Angus Irvine, partner and head of residential at property consultancy Rapleys, said: “Although there is a split camp on the merits of a stamp duty cut, at this point in time it seems like a short-term fix which will pump up prices in the short term like it did during Covid.