A stamp duty cut announced, effective immediately
Effective immediately, buyers in England and Northern Ireland will pay no stamp duty on the first £250,000 of a property’s value — double the previous £125,000 threshold — and first-time buyers will pay no tax on the first £425,000, up from £300,000. First-time buyers in London and the south-east could potentially save as much as £11,250 under the new measures, according to the government. Non-first-time buyers purchasing a house for £312,000 — the average price of a home in England according to the Land Registry — would save around £2,500, according to official estimates. Additionally, first-time buyers, who could previously claim relief on property values up to £500,000, can now claim relief on property values up to £625,000. This price bracket will allow for some fantastic first home opportunities.
The biggest beneficiaries of the stamp duty changes are likely to be first time buyers in London and the more expensive parts of South East England. Property sector reactions to Stamp Duty cuts and proposed planning reforms have been surprisingly mixed - many experts said the measures would do little to insulate buyers from the effects of rising interest rates.