STAMP DUTY SAVING
The one element of the mini budget announced on 23rd September by the former Chancellor of the Exchequer, Kwasi Kwarteng, to remain in place was the raising of the stamp duty threshold from £125,000 to £250,000 which meant all house buyers would save up to £2,500. The threshold for first time buyers was also increased to £425,000 which really is an incentive for these buyers to purchase their first home.
With a slowdown in sales activity in the housing market towards the end of 2022, it will be interesting to see if any further incentives are put in place by the newly formed Government to stimulate the housing market during the winter months.
The fact people are making a significant saving when purchasing a property has most definitely helped the local property market up to the £250,000 – £400,000 price range. At £300,000 the stamp duty paid has been reduced by 50% – before the mini budget the duty paid on a purchase was £5,000 with it now being lowered to £2,500.
