Blog Post

Positive news at last! Stamp duty tax cuts.

Publish Date: 27 September 2022

By Jade Shrubsole

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Further reading

Let's speed up conveyancing!

Is there going to be a property market crash?

Stamp duty cuts now see first time buyers paying no stamp duty up to £425,000 from what was originally £300,000 before.  The value of the property on which first-time buyers can claim relief has been increased from £500,000 to £625,000. This will hopefully help towards the all-time high mortgage rates and allow people to get on the ladder a little easier.

Auctions cut out a lot of the stress in property purchases often being chain free with fixed completion dates. With first time buyers now able to save say £5k/£6k if buying at £425,000 this could go towards a new kitchen or bathroom on a house selling at auction needing some modernisation!

If you’re not a first-time buyer it has now gone up to £250,000 where as it was £125,000 so you will still see a saving, even if it just covers your solicitors fees! With this news hopefully the market will see an improvement now for the whole market and people who were maybe not wanting to buy right now will reconsider.

Take advantage of this cut now and search our database for auction properties coming up for auction near you www.eigpropertyauctions.co.uk/search