Chancellor Kwasi Kwarteng announces cut to Stamp Duty in mini-budget 🏘️ no stamp duty will be paid on the first £250,000 of a property 🏘️ for first-time buyers the threshold will be increased from £300,000 to £425,000
“Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society,” he said.
The move has been questioned by experts, who have suggested it may drive up house prices, cancelling out potential savings. In the mini-budget on Friday, chancellor Kwasi Kwarteng announced the level at which housebuyers pay Stamp Duty tax is to be doubled to £250,000.cutting stamp duty was “bonkers”, because it could mean “house prices go up by more than people save on Stamp Duty”. This comes at a time when mortgage repayments are likely to rise as the Bank of England increases interest rates.
Pryor said cutting stamp duty won’t encourage more homes to be built, but will encourage some people to commit to something they later realise they can’t afford. , also said the crucial issue with the property market was a severe shortage of housing supply. Rising mortgage repayments and rising prices brought on by a Stamp Duty cut will dampen buyer enthusiasm, she said.More from News