24/09/2022
Today’s statement is about growth.
Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society.
So to support growth, increase confidence, and help families aspiring to own their own home, I can announce that we are cutting stamp duty.
In the current system, there is no stamp duty to pay on the first £125,000 of a property’s value.
We are doubling that – to £250,000.
First time buyers currently pay no stamp duty on the first £300,000.
We’re increasing that threshold as well, to £425,000.
And we’re going to increase the value of the property on which first time buyers can claim relief, from £500,000 to £625,000.
The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether.
This is a permanent cut to stamp duty, effective from today.