Government’s mini-budget heralds positive changes for housing market
The Chancellor has today (23rd September) announced cuts to stamp duty, which are designed to create momentum within the housing market.
No stamp duty will be paid on the first £250,000 of a property, said Kwasi Kwarteng, while for first-time buyers the threshold will be increased from £300,000 to £425,000.
These changes could help more people buy a new home sooner than they had thought possible, and will be particularly helpful to first-time buyers, according to Davidsons Homes.
The Government also announced plans to cut income tax and make energy bills more affordable for households across England.
Jason Glover, Operations Director for Davidsons Homes, said: “We welcome these changes to stamp duty, which we see making a positive impact for buyers on every rung of the property ladder – and particularly those looking to purchase their first home.
“We hope that the cuts – coupled with more affordable energy bills – will create even more momentum within the housing market.
“While newbuild homes tend to be more energy-efficient than older ones, it is still reassuring to know that there is a plan to tackle the cost-of-living crisis and energy bills this winter won’t be as high as we feared.
“This combined with the stamp duty announcement makes it a really positive time to purchase a new home and for buyers to reap the full benefits of the announced cuts.”