To stimulate the housing market, Kwasi Kwarteng has taken properties valued up to £250,000 in value outside of the Stamp Duty regime where these are being purchased as a main home. He has also increased the thresholds and potential for SDLT relief for first time buyers to properties valued up to £625,000.

The Government Stamp Duty guidance and calculators are already updated and the link to the overview is attached – Stamp Duty Land Tax: Overview – GOV.UK (www.gov.uk)

This is a permanent cut to stamp duty, effective from today. However, the Devil will be in the detail as ever and the wider technical guidance has not been shared as yet so whether these changes will benefit or how they will impact second home purchases and purchasers who are non-UK resident.

This update was prepared by Sarah Witheridge, Head of Property at WBW Solicitors. If you would like to contact her to discuss anything mentioned in this article or for any property related query, please call her on 01392  260108 or email sarahwitheridge@wbw.co.uk.