New stamp duty saving announced!

The new Chancellor Kwasi Kwarteng’s first mini budget will provide immediate relief to first-time buyers by upping the threshold of exemption to £425,000 from £300,000 which can now be used on purchases worth up to £625,000 – potentially saving thousands of pounds.

The government has also helped homebuyers wherever they are on the ladder by doubling the nil rate Stamp Duty band to £250,000, making both changes permanent which could have the effect of steadily increasing demand for property at the start of the autumn.

??According to Rightmove raising the threshold to £250,000 means that a third of all homes currently for sale (33%) are now completely exempt from stamp duty in England (up from 7% when the threshold was £125,000) and two thirds of homes (66%) are now exempt from stamp duty for first-time buyers in England.

A first-time buyer purchasing a home for £425,000 will now save £6,250 (no longer having to pay 5% on the £125,000 over the previous £300,000 exemption). The standard buyer in England will save £2,500, meaning a typical family moving into a semi-detached property will save £2,500 on stamp duty.