Buyers currently pay stamp duty after £125,000 of a home’s purchase price, but from today that threshold is being doubled to £250,000. This means buyers no longer pay stamp duty tax on the first £250,000 of a property purchase.
The threshold at which first-time buyers will pay stamp duty will be increased to £425,000, raising it from £300,000.
Before today’s announcement, stamp duty relief was not available for any first-time buyer home priced over £500,000. This threshold will now be raised to £625,000.
Please give us a call if you’d like advice on how this will benefit you!!