The major news is that Chancellor Rishi Sunak has now raised the minimum Stamp Duty threshold to £500,000; where previously Stamp Duty was paid on homes sold for at least £125,000, for first time buyers, or on properties sold for more than £300,000.
However for those in the upper real estate market…things get a bit cloudier. Understandably, each case and situation is different so we encourage you to call us to find out how much you will be saving under the new rules.
Variables include whether or not you’re buying a second home, an investment, and the various price ranges above £500,000.
The good news for buyers:
You could save thousands.
The good news for sellers:
Buyers are now more actively looking to purchase.