In a bid to boost growth and to help house buyers, Chancellor Kwasi Kwarteng has unveiled in today’s mini-budget a permanent and immediate reduction of Stamp Duty Land Tax by increasing the:
- residential nil-rate threshold from £125,000 to £250,000;
- nil-rate threshold for First Time Buyers’ Relief from £300,000 to £425,000, and
- maximum amount that an individual can pay for a home while remaining eligible for First Time Buyers’ Relief, from £500,000 to £625,000.
The non-UK residents and second properties surcharges still remain in place. With rising house prices and base rates increasing, we watch with bated breath to see what impact this has on the NI market.
If you need any advice on buying or selling your home – contact the Property Team @ Mills Selig today.
Editorial prepared by Caroline Glover, Senior Associate, Property @ Mills Selig
Caroline Glover, Senior Associate, Property
Caroline has in-depth understanding of all types of residential property transactions, with a particular focus on managing large residential property portfolios.