Stamp Duty cut offers instant saving
7th October 2022
Stamp Duty has been abolished on the first £250,000 of any property purchase, (up from £125,000), making an immediate saving of up to £2,500 for home buyers. Close to half (47%) of all sales in England over the past year were under £250,000.
First-time buyers could save up to £6,250, because they will now be exempt from stamp duty on the first £425,000. The purchase price at which they can take advantage of this relief has been raised too, from £500,000 to £625,000.
Second home owners and overseas purchasers will still be required to pay the 3% Higher Rate Additional Dwelling Tax and 2% non-resident surcharge respectively.
The Chancellor’s announcement only applies to England. In Wales, from October 10th no Land Transaction Tax will be payable on homes priced up to £225,000 (current threshold £180,000), a saving of £1,575 on a property priced £225,000. Those paying over £345,000 are set to pay more.
For now rates in Scotland remain unchanged, the threshold in Scotland is £145,000.
Source: Dataloft, HMRC, Land Registry, Welsh Revenue Authority, Revenue Scotland
Employee of the Month – April 2024
9th April 2024
Our Employee of the Month for April 2024 is one of our Maintenance Administrators – Maddie Breed! Maddie has been…
Sales Blossom in Spring
9th April 2024
In the past five years (excluding 2020 due to Covid), springtime bloomed with 27% of home sales, the highest proportion…
Spring budget 2024
7th March 2024
The Spring Budget this year felt very much like a keep calm and carry on budget for the housing market….