Chancellor Kwasi Kwarteng’s announcement to cut Stamp Duty Land Tax (SDLT) in the recent mini-budget statement is welcome news for home movers and first-time buyers, says local estate agency Connells.
As of now, the stamp duty threshold - the level at which home buyers start paying the tax – has been raised to £250,000 (up from £125,000) and, for first-time buyers, £425,000 from £300,000 on purchases worth up to £625,000. This is positive news for the housing market, which is constrained by lack of stock but continues to see high demand from those looking to move, despite further increases to base rates as recently announced by the Bank of England.
“Any help to stimulate the market and reduce the cost of moving, particularly for first-time buyers, is certainly welcome news,” says David Plumtree, Group Estate Agency Chief Executive of Connells’s parent company Connells Group. “Previous Stamp Duty holidays and SDLT cuts have really helped to inject confidence for buyers and sellers alike, encouraging them to push on with their plans and take advantage of high demand, while bringing much needed stock to the market too.
“We are keen to assist both home movers and aspiring homeowners to make use of these changes, particularly if they are keen to be settled in a new home ahead of Christmas, so do get in touch to see how we can help with your property needs.” concludes David.
To find out more about SDLT, the local market, or to arrange a free market appraisal on your home, please contact Connells.
