Chancellor Kwasi Kwarteng has confirmed a number of key changes that will have an impact on the house marketing, including a permanent cut in stamp duty – which will be good news for homebuyers in Surrey and Sussex.
During Friday’s (23rd September) mini-budget the Government announced the following:
- A cut in Stamp Duty on all houses below £250,000. This previously sat at £125,000 so it offers a significant saving for house purchases.
The rates will now be:
0%: £0 - £250,000 (£425,000 for first time buyers)
5%: £250,000 - £925,000
10%: £925,000 - £1,500,000
12%: £1,500,000+
- In its commitment to help people get on the property ladder, the Government has said first time buyers will pay no duty on property purchases below £425,000. Again, this had sat at £300,000 ahead of this mini-budget announcement.
- On property purchases between £425,000-£625,000 first time buyers will have discounted stamp duty.
- The above changes will come into effect immediately.
During the stamp duty holiday, here at Clarendons we saw a significant rise in both sellers and buyers, and we expect this boom to reignite given the latest announcements. If you are keen to make your next move please do get in touch with us today https://www.clarendons.uk/contact-us/
