Following many meetings over the last month, it has been made known that the PM has been working on a new idea with Chancellor Kwasi Kwarteng, to revive the property market.
The chancellor anticipates that by reducing Stamp Duty tax, more homeowners will market their houses, and more first-time buyers will climb the housing ladder and pay a down payment.
Before the change, stamp duty wasn't due on the first £125,000 of any house purchase; it will now not be due on the first £250,000.
The current first-time buyer exemption from paying stamp duty on the first £300,000 will be raised to £425,000.
The value of the house needed for first-time buyers to be eligible for assistance, has increased from £500,000 to £625,000. As a consequence, 200,000 more people will no longer be obligated to pay stamp duty whatsoever.
The decrease in stamp duty is permanent and came into effect Friday 23rd September.
Are you interested in learning how these changes could benefit you?
