The new Chancellor Kwasi Kwarteng’s first mini budget will provide immediate relief to first-time buyers by upping the threshold of exemption to £425,000 from £300,000 which can now be used on purchases worth up to £625,000 – potentially saving thousands of pounds.
The government has also helped homebuyers wherever they are on the ladder by doubling the nil rate Stamp Duty band to £250,000, making both changes permanent which could have the effect of steadily increasing demand for property at the start of the autumn.
??According to Rightmove raising the threshold to £250,000 means that a third of all homes currently for sale (33%) are now completely exempt from stamp duty in England (up from 7% when the threshold was £125,000) and two thirds of homes (66%) are now exempt from stamp duty for first-time buyers in England.
A first-time buyer purchasing a home for £425,000 will now save £6,250 (no longer having to pay 5% on the £125,000 over the previous £300,000 exemption). The standard buyer in England will save £2,500, meaning a typical family moving into a semi-detached property will save £2,500 on stamp duty.
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We’ve seen exceptional demand from buyers and tenants alike as summer is in full swing. As we look towards the autumn, we believe prices...
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Winnersh Triangle,
Building 220, Wharfedale Road,
Wokingham, Berkshire, RG41 5TP
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