In the ‘mini-budget’ announced on the 23 September 2022 homebuyers in England and Wales will now pay £1000’s less in stamp duty (SDLT) including those buying for the first time.
Stamp duty will no longer be charged on the first £250,000 of a property’s price. This is a doubling of the previous threshold, where no stamp duty was paid on the first £125,000 of the purchase price.
There is also more help for ‘First Timers’ who will not have to pay any stamp duty on the first £425,000 of the purchase price on properties costing less than £625,000 (previously £500,000).
These changes could result in savings for all home buyers of up to £2500 with first time buyers able to save up to £11,250.
Cox & Co comment – this is a welcome stimulus to the housing market which should have beneficial knock-on effects for the wider economy. However, those involved in the whole housing supply chain (solicitors, surveyors, mortgage providers, local authorities etc) are already under considerable pressure and we hope that they will be able to cope with the expected increase in sales. This is why here at Cox & Co we spend a lot of our time continually monitoring all stages of the home buying process helping to unlock delaying items as they arise
