Breaking News: New Stamp Duty savings means now is the time to move
23 September, 2022
As part of the mini-budget event, Chancellor Kwasi Kwarteng announced the Government is reforming Stamp Duty by doubling the level at which people begin paying, from £125,000 to £250,000.
The rise in Stamp Duty threshold gives homebuyers the chance to save £2,500 when they purchase their next property.
Having to pay thousands of pounds in Stamp Duty to purchase a property in the UK is often the barrier stopping many homeowners from moving. A fact proven by a 43% increase in property sales during the last Stamp Duty Holiday in 2021. But rather than a time limited holiday, this announcement is a permanent change to the Stamp Duty threshold.
If you’ve struggled to find somewhere you’d like to buy in recent months, we’re now expecting a healthy increase in new properties coming to the market as many homeowners look to take advantage of the financial savings announced.
To ensure you don’t miss out on the best properties coming to the market and help save yourself thousands of pounds in Stamp Duty, you need to act quickly. If you’re still talking about moving, Seymours can help you with everything, we’ll make sure you have stunning professional photography to attract a committed buyer and we’ll create a bespoke marketing campaign for your property, to ensure you achieve a premium price for your home.
If you would like to discuss a plan for bringing your home to the market, the first step is to arrange an up to date valuation of your property. Click the button below to book a convenient time for us to provide you with a free valuation of your home.
Changes For First Time Buyers
This government is also committed to helping first-time buyers get on the property ladder in two ways. Firstly, by increasing the level first-time buyers start paying stamp duty from £300,000 to £425,000.
In addition, the government is allowing first-time buyers to access the relief when they buy a property costing less than £625,000 rather than the current £500,000.
