Good news for purchasers as Stamp Duty slashed!

Sep 23, 2022

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.

Steven Morris – Advising Director

CeMAP CeRER

 

Steve loves a complex mortgage. Most recently he has used his technical geekery to work his way up through Which? Mortgage Advisers, progressing to Senior Adviser and then Onboarding Manager. There, he was responsible for hiring, training and managing new advisers.

He also ran the monthly new starter inductions and wrote and maintained the telephony advice standards of the company. Outside of work Steve can be found coaching and being run ragged by his local under 10’s rugby team, Bristol Harlequins RFC.

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