Autumn Budget Announcement

So the budget we have all been waiting for has finally been announced! Personally, I am taking a huge sigh of relief as I am sure many others are too. It was the uncertainty and lack of direction which was creating caution and worry. We have now been given the clarity and a clear direction of what our country plans to do to get us out of recession into growth albeit quite a bleak outlook for the next few years. Now, we all know how our governement often says one thing and does another however, I felt this announcement was for the people and covered 'most' political parties wants/needs. I think its safe to say we are all in this together and we will all suffer in one way or another.

As for the housing market, the lack of uncertainty saw our market almost come to a stand still over the past 4 weeks with buyers/sellers unsure what their next move should be as they didnt have the reassurances of the above. Stamp Duty changes from the mini budget remain (only until 2025) see below to remind you what they were. By keeping this in place for the moment, I am hoping this will encourage the first times buyers and indeed buyers in general to keep moving as there are still savings in this for everyone.

If you want some honest advice on the market whether you are looking to buy or sell, I would love to help.

Stamp Duty Cuts

In a bid to encourage home ownership and house building, particularly for first time buyers, the Stamp Duty Land Tax (SDLT) threshold for purchases of residential property in England and Northern Ireland was increased to £250,000 for all buyers, and to £425,000 for first-time buyers. The threshold for the value of properties qualifying for the enhanced nil rate band for first-time buyers will be increased to £625,000. These measures took effect from 23 September 2022.To remind you what they were: 

Previously, the nil rate band was £125,000 for all buyers, and £300,000 for first-time buyers in respect of properties up to a value of £500,000.

The measures do not apply in Scotland or Wales, where regional land transfer taxes apply (although Wales has raised its Land Transaction Tax Threshold to £225,000 from 10 October 2022).

From 23 September 2022, the new standard residential SDLT rates are as follows: