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
Who, How and Why of HMO Investors
12th July 2024
Around half of HMO (house in multiple occupation) landlords surveyed said that they use their property or portfolio as their…
Understanding the Labour Party’s Plans for the Rental Market
12th July 2024
With the Labour Party’s recent take over, we look back at their manifesto to identify the significant changes that are…
Explore Non-Traditional Deposit Options, Company Guarantors & Bills Packages: A Win-Win for Landlords and Tenants
12th July 2024
As the rental market evolves, there has been a notable 25%+ increase in demand for alternative deposit solutions, according to…