By Leah Montebello
Kwasi Kwarteng confirmed stamp duty would be slashed from today in a bid to drive growth and support confidence in the economy.
Announcing his mini-budget, Kwarteng said: “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.”
He said no levy would be paid on the first £250,000 of a property up from £125,000. For first-time buyers the threshold would now be £425,000, as opposed to the current £300,000.
These measures will take more than 200,000 buyers out of paying for stamp duty altogether, opening the way for an era of prosperity, according to the Chancellor.
Kwarteng said these cuts would be permanent, and effective from today.
It comes a year after the end of the stamp duty holiday, which was used to boost the housing market throughout the pandemic and pushed house prices to an all-time high.
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