On 23rd September the UK’s chancellor Kwasi Kwarteng announced a permanent cut to stamp duty on property purchases as part of his mini-budget. This change becomes effective immediately.
The update raises the SDLT-free threshold from £125,000 to £250,000, and from £300,000 to £425,000 for first-time buyers. The move was made to help boost the UK’s housing economy by helping more people to move and boosting first-time house ownership.
For more information, read the latest government update here.