“Today’s ‘Mini Budget’ delivered by Chancellor Kwasi Kwarteng announced a Stamp Duty cut that is ‘effective from today’.
“The cut will mean that first-time buyers, who up until today didn’t have to pay any Stamp Duty on the first £300,000 of a property’s value, can now purchase a property of up to £425,000 before paying any Stamp Duty.
“There is also good news for other homebuyers, with the threshold at which you need to pay Stamp Duty on a house purchase price doubling from £125,000 to £250,000.
“Personally, I think this is good news for the housing market and will hopefully help those looking to buy a property to find it more affordable in the current climate. The downside is how quickly this has been rushed through will create some headaches on purchases already going through.
“We all saw the positive impact of the Stamp Duty holiday during 2020/21 on the property market and look forward to seeing how this latest change makes an impact.”
