Published: 26/09/2022 By Elliott Rowland - COO
The 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+
If you're on our Atom website platform, your website has already been updated to reflect the new stamp duty rates. If you are not on Atom, and currently have one of our now retired website templates, these changes will not be applied to your website. You'll need to upgrade your website. Contact your Account Manager today to discuss your upgrade options.