Stamp Duty Changes Explained 2022

From 23rd September 2022, the Stamp Duty threshold for,

• First-time buyers purchasing a residential home will be increased from £300,000 to £425,000 – helping to save thousands of pounds on their first purchase.
• A first-time buyer also remains eligible for the First-Time Buyers’ Relief with the value now increased to £625,000 from £500,000.
• For all buyers, the nil-rate band has been doubled to £250,000, helping all buyers to save money on their next home.

“The changes announced by the government will help to reduce the upfront costs for first-time buyers looking to get on the property ladder. This means first-time buyers have a greater selection of properties to choose from while remaining under the Stamp Duty free threshold.