Friday 23 September 2022 10:47 AM Stamp duty SLASHED to help get families on the housing ladder trends now
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Stamp duty was slashed today as the Government seeks to stimulate the housing market and help more families into their first homes.
The Chancellor raised the threshold at which stamp duty is paid from the first £125,000 of a property's value to £250,000, good news for people upsizing.
And there was even more good news for first-time buyers, who will not have to pay any stamp duty on properties bought for £425,000 or less, up from £300,000. They will also be able to claim relief on the first £625,000, up from £500,000.
Chancellor Kwasi Kwarteng told the Commons today that the move would 'support growth, increase confidence and help families aspiring to own their own home'.
'The steps we've taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today,' he said.
The Chancellor raised the threshold at which stamp duty is paid from the first
