Published: 26/09/2022 By Elliott Rowland - COOThe Mini Budget saw a raft of new measures announced by the then Chancellor Kwasi Kwarteng which have not changed under the Autumn Statement 2022 unveiled by Jeremy Hunt.
Stamp duty was amended, changing the threshold before stamp duty is paid in England & Northern Ireland, doubling from £125,000 to £250,000. This threshold was raised further for first-time buyers who now won't pay any stamp duty up to £425,000.
Whether this stamp duty change will supercharge the market as it did in the summer of 2021 remains to be seen. With rising interest rates and concerns about as yet unchecked inflation, buyers might remain hesitant. However, there's no doubt the increased thresholds will benefit potential buyers and will certainly counter some of the current pressures on the property market.
A full breakdown of the changes are listed below (England & Northern Ireland only, rates in Scotland & Wales remain unchanged)
- 0%: £0 - £250,000 (£425,000 for first time buyers)
- 5%: £250,000 - £925,000
- 10%: £925,000 - £1,500,000
- 12%: £1,500,000+
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