Chancellor Kwasi Kwarteng has today abolished stamp duty on homes worth up to £250,000 in a ‘bid to boost the housing market.’
Raising the threshold below which no stamp duty is payable from £125,000 to £250,000 – and from £300,000 to £425,000 for first-time buyers he said “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,” he told the House of Commons.
“So, to support growth, increase confidence and help families aspiring to own their own home, I can announce that we are cutting stamp duty.”
“The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether,” he said.
“This is a permanent cut to stamp duty, effective from today.”
