Good news for purchasers as Stamp Duty slashed!

23 Sep, 2022
Good news for purchasers as Stamp Duty slashed!

Kwasi Kwarteng has certainly made a strong first impression when announcing his Mini-Budget. In a bid to help stimulate the housing market, he announced a major shakeup to the property tax Stamp Duty.

Here’s what you need to know about the Mini-Budget stamp duty announcement.

When do the 2022 stamp duty cuts take effect? These changes come into effect as of 23rd September 2022.

How does the September 2022 stamp duty cut affect first time buyers? First Time Buyers will now no longer pay stamp duty on the first £425,000 of the purchase price of your property. The relief applies to properties under £625,000. You can read more information on mortgages for first time buyers here.

How does the September 2022 stamp duty cut affect me if I already own a property? Home movers/Non First Time Buyers will not have to pay Stamp Duty on the first £250,000, doubled from £125,000.

Are the changes to Stamp Duty announced by Kwasi Kwarteng permanent? The changes are permanent according to the new Chancellor of the Exchequer, however they could be reversed by future Chancellors or governments. Whether the change is permanent remains to be seen, however you can still take advantage of the Stamp Duty relief now.

This is great news to any prospective buyers. As always, please get in touch if you need some guidance.

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Tom Collier - Advising Director
DipFA CeMAP FSRE

Tom is a qualified financial planner with 15 years’ experience in the financial services industry, the majority of his career to date has been spent helping his clients with their mortgages.As our resident life insurance expert, he’s always been very enthusiastic about what is, let’s face it, a rather dull subject. Tom has assisted one of the UK’s top insurers in developing and launching a new life insurance product into the broker market. He’s also very interested in the later life mortgage market and works closely with several lenders in this space, helping them develop their offering.Tom is fully fledged petrolhead, you can usually find him tinkering with an engine somewhere in his spare time.

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