The current chancellor, Jeremy Hunt, has amended Kwasi Kwarteng’s permanent stamp duty changes. After the Government’s latest Budget the following changes will only apply until 31 March 2025:

• no tax to be paid on properties up to the value of £250,000
• an increased threshold for first-time buyers of £425,000
• first-time buyer relief will be applicable to properties worth up to £625,000

Under the now temporary stamp duty changes,  the threshold at which buyers have to pay the duty has risen from £125,000 to £250,000. Buyers will pay 5% of the value of the home from £250,001 to £925,000, the portion between £925,001 and £1.5m will continue to be taxed at 10%, and any property worth more than that will be subject to stamp duty rates of 12%.

The level at which first-time buyers have to pay stamp duty has risen from £300,000 to £425,000 and first-time buyer relief will be applicable to properties worth up to £625,000. Previously, the additional first-time buyers’ relief only applied to properties costing less than £500,000. It will revert to this level in March 2025.

For further information or legal advice, please contact our Residential Property team.