Huge stamp duty change from TOMORROW revealed in Rachel Reeves’ Budget
The annual growth rate was 2.4% last month, easing back from a two-year high of 3.2% in September, the building society said., Ms Reeves revealed that second-home buyers will face a stamp duty rate rise of two percentage points – from 3% to 5%.
"This will lead to a jump in transactions in the first three months of 2025 , and a corresponding period of weakness in the following three to six months, as occurred in the wake of previous stamp duty changes." "With strong hints we may see a steady reduction in base rates implemented over the coming months, there is substantial scope to round the year with an upbeat tone to be carried forward into 2025."STAMP duty land tax is a lump sum payment anyone buying a property or piece of land over a certain price has to pay.You'll also get a discount if the purchase price is £625,000 or less and will only pay 5% SDLT on the portion from £425,001 to £625,000.
You'll usually have to pay 5% on top of SDLT rates if buying a new residential property means you’ll own more than one.According to Nationwide, data for the year to June 2024 suggests that the stamp duty change will affect around one in five first-time buyers.This is largely a result of the difference in house prices across the UK.
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