Further to Kwasi Kwarteng's mini budget, some positive changes have been made for those looking to buy Residential Property. Firstly, there will be no Stamp Duty paid on the first £250,000 of a property purchase (up from £125,000) and secondly, first time buyers will only pay Stamp Duty on a property purchase of £425,000 (up from £300,000). The value of the property first time buyers can claim relief against has increased to £625,000 (up from £500,000).
No changes have been made for commercial property and to the frustration of many Buy to Let landlords, the Second Home Surcharge remains payable(!)
Whilst it is not envisaged such changes will cause a conveyancing 'Boom' (as we experienced during the previous Lockdown), the announcement will certainly be welcome news to those looking to buy.
If you have any queries over the calculation of Stamp Duty or buying a home in general, do not hesitate to contact a member of the team.