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UK Government Announces Stamp Duty Cuts
Source: Claire White Why Media London
Date: Friday 23rd September 2022
The British Government has today, Friday 23rd September, announced significant cuts to stamp duty to support the country’s economy and ensure the property market continues to thrive.
Stamp duty, a tax payable when purchasing a property in the UK, until today, was expected on all properties exceeding a value of £125.000 and for First Time Buyers, £300,000. However, today British Finance Minister Kwasi Kwarteng announced significant changes as he prepared to support the UK’s property sector by doubling the standard stamp duty threshold to £250,000 and raising the First Time Buyer band to £425,000.
These significant and generous changes mean that 200,000 more people are taken out of paying stamp duty altogether.
Austin Hayes, founder and Director of Austin Homes, comments on today's announcement. “I and the team at Austin Homes welcome the new stamp duty bands. During the pandemic and accompanying stamp duty holiday we saw an influx of First Time Buyers making their initial step onto the property ladder, as well as existing homeowners taking advantage to upsize their homes. We hope and are planning that these changes will once again see people have confidence in making that first step, and we have a great selection of properties available for sale across some of London’s most vibrant areas for them to pick from.”
Austin Homes, located on City Road in the heart of East London, works with developers and property investors to support sales, lettings and property management across the World’s best Capital City. For details on current properties available for sale and rent, follow Austin Homes on Facebook, Instagram or LinkedIn.
ABOUT LONDON’S LEADING LETTING AGENT, AUSTIN HOMES
Austin Homes is a leading light in London lettings and sales space. They are priding themselves on delivering a unique and bespoke service hinged on expert local knowledge and a passion for the communities they serve. With a focus on East London’s Shoreditch and Hoxton areas, Austin Homes is pleased to sell and rent some of London’s finest properties, offering a bespoke service and outstanding results.
Miss. Claire White
W. Why Media
E. claire@whymedia.com