Any money saved in stamp duty cuts could be swallowed up by rising house prices, experts have warned. 🔴 The Chancellor is expected to announce a cut to stamp duty when he delivers his fiscal statement on Friday.
Money & Business ReporterAny money saved in stamp duty cuts could be swallowed up by rising house prices, experts have warned.
Under the current system in England and Wales, no stamp duty is paid on the first £125,000 of value of a purchased property, with 2 per cent levied between £125,001 and £250,000, 5 per cent between £250,001 and £925,000, and 10 per cent from £925,001 and £1.5m. Anything above £1.5m carries a 12 per cent tax, while first time buyers only pay stamp duty above the value of £300,000.
“The government will be hoping that it supports demand at a time when lead indicators suggest that it is softening after two bumper years,” Lucian Cook, head of housing research for Savills, added. Sarah Coles, a senior personal finance analyst at Hargreaves Lansdown, said potential cuts to stamp duty may risk “doing more harm than good”.
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