The government has launched its new Growth Plan today, dubbed the "Mini Budget". In it, the chancellor announced several measures to further boost the housing market.
The key initiative announced is that from today 23rd September 2022, the government will increase the threshold above which Stamp Duty Land Tax (SDLT) must be paid on the purchase of residential properties in England and Northern Ireland from £125,000 to £250,000.
The government will also increase the relief that first-time buyers can receive. The threshold at which first-time buyers begin to pay residential SDLT will increase from £300,000 to £425,000 and the maximum value of a property on which first-time buyers relief can be claimed will also increase from £500,000 to £625,000.
To find out how much you could save when buying your next home, use the Stamp Duty Calculator.
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