John Fawcett has joined the firm as Partner
On Friday morning, the Chancellor, Kwasi Kwarteng, announced a series of cuts to Stamp Duty to “get the housing market moving and support first time buyers to put down roots” as part of his wider mini budget.
The threshold at which Stamp Duty becomes payable in residential property purchases was doubled from £125,000 to £250,000. It is expected by the Chancellor that this will mean that an extra 200,000 people will be able to purchase a home without paying any Stamp Duty.
Furthermore, the threshold for first time buyers has been increased so that they will now pay no Stamp Duty on the first £425,000 of their purchase. The value of the property on which first time buyers can claim relief from Stamp Duty was also increased from £500,000 to £625,000.
These cuts took effect immediately from midnight on the 23rd September 2022.
If you require any assistance with your conveyancing matter, please contact us on 01932 852 057 or email piersmeadows@meadowsryan.com.
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