Today, the Chancellor Jeremy Hunt delivered his Autumn Statement. Within the speech, he announced that the government will retain Kwasi Kwarteng's increase on the point at which Stamp Duty is charged on house prices, which were increased from £125,000 to £250,000 for people moving, and the threshold for first time buyers was also increased from £300,000 to £425,000. These measures will now remain in place until 2025.
Richard Freshwater, Head of Residential at Cheffins gives his reaction to the news:
"By retaining the stamp duty cuts made by Kwasi Kwarteng for another two years, Jeremy Hunt is signalling the government’s support for the housing sector. The property market has continued to be one of the government’s most profitable areas when it comes to tax, so it is pleasing that he hasn’t killed the golden goose in this scenario, and rather is taking measures to bolster the sector and encourage more first time buyers onto the ladder. As mortgage companies are beginning to drop their rates, we are hopeful that this, combined with the news today, will help to ensure that property transactions will rise and we will see a healthy market as we head into the new year. Bricks and mortar remains a stable investment for many, and within this inflationary environment, and with other traditional asset classes seeing wild fluctuations, it is important that the overall population has a level of confidence in the values of their homes. Now could be a good time to sell, with hopefully renewed confidence throughout all levels of the market."
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