Stamp duty cut in bid to help house buyers

By Mel Cindil - 27 September 2022

On Friday 23rd September the government announced changes to Stamp Duty Land Tax which applies to all residential property sales in England and Northern Ireland. This will result in savings when buying your new home, and will particularly benefit First Time Buyers.

The changes are:

- The Stamp Duty threshold has been raised from £125,000 to £250,000. This means you will pay no SDLT on the first £250,000 of the property price. This represents a saving of £2,500 on a property price of more than £250,000.

- If you are a First Time Buyer, you will pay no Stamp Duty Land Tax on the first £425,000 of the purchase price. Previously this was £300,000. You will pay 5% on everything over £425,000 up to £625,000.

For advice on how to move forward contact Flagstone Financial Services via 0808 231 1073 or email m.dempsey@flagstone.co.uk. Visit www.Flagstone.co.uk for further information.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.