The 2% Stamp Duty band between £125,000 and up to £250,000 has been removed, this means everyone will save £2,500 when buying a residential property over £250,000. There is no Stamp Duty payable for purchases up to £250,000. This is a permanent change and effective immediately – as of today.
First-time buyers benefit further too, as the value at which they start paying Stamp Duty has risen from £300,000 to £425,000, and the cap for claiming this relief has risen from £500,000 to £625,000.
Tom Hayman-Joyce comments: “This change is positive and gives a great deal of help to those aiming to get on or move up the property ladder. This is a welcome move and long overdue, in my opinion. With rising property values, Stamp Duty has become a significant rising barrier impeding buyers’ ability to buy their first homes or upsize. I believe this will encourage more of us to buy and sell, and open the bottleneck at the foot of the housing market.”