The Government is expected to reveal new plans this week that will exempt most homebuyers from paying any stamp duty, according to reports.
Several news outlets, including The Times, have suggested that Chancellor, Rishi Sunak, has drawn up proposals that would lift the threshold at which people start paying stamp duty from £125,000, to as much as £500,000.
Under current housing rules, homebuyers must pay Stamp Duty Land Tax (SDLT) if they buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland or Wales.
The SDLT threshold currently sits at £125,000 for residential properties and £150,000 for non-residential land and properties.
MoneyAge recently reported that property consultant, Cornerstone Tax, had described stamp duty relief as a “poor tool for managing market behaviour” to boost the housing market, and instead suggested that government-backed purchase mortgage guarantees for borrowers would help to “reinstall confidence” in the lending market.
MHA MacIntyre Hudson, however, has recently argued that bringing down the stamp duty threshold would be an “important stimulus for the housing market”, and the chartered accountant suggested the Government needed to take immediate action on stamp duty to reassess the role of the property market in the UK economy.
The increase in the threshold, which The Times reported is expected to be implemented in the autumn budget, is a temporary measure intended to stimulate the housing market. Sunak is expected to announce the plans on Wednesday as part of several measures to support the economy.
Latest News
-
Average mortgage rates creep up for first time in eight months
-
SIPP withdrawal requests jump 33% ahead of Autumn Budget
-
44% of first-time buyers looking at new builds, study finds
-
Barclays and TSB partner with housebuilders to create Rezide Equity Loan
-
Tories pledge to scrap stamp duty on primary residencies
-
Economic climate taking emotional toll on three in four consumers
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories