Stamp duty cuts could help more people afford a new home

In today’s mini-budget (23^rd September), the Chancellor announced stamp duty cuts, which could help more people onto – and up – the property ladder.

Chancellor Kwasi Kwarteng said that no stamp duty will be paid on the first £250,000 of a property, while for first-time buyers the threshold will be increased from £300,000 to £425,000.

It’s a move that will give renewed momentum to the housing market and help even more people purchase their first home, according to Bloor Homes.

More cuts to income tax, as well as an ‘Energy Price Guarantee’ which is set to lower household bills for families across England, are also designed to boost economic growth.

Mark Powell, Group Sales and Marketing Director for Bloor Homes, said:

“We welcome any measures which will help people afford the biggest asset most of us will ever own – a new home.

“Saving up for a new home can be an arduous task, so cutting stamp duty costs could help many people buy quicker than they had previously thought possible. It may even mean that some people are able to buy a bigger home than they had originally planned on purchasing.

“Not only that, but the ‘Energy Price Guarantee’ means that we can all be more comfortable in our homes this winter, without worrying about spiralling household bills. Newbuild homes, such as those built by us here at Bloor, tend to be more energy efficient anyway, but it’s great to have that extra reassurance.

“A thriving housing market underpins a successful economy, so we welcome these important changes made by the Government.”

Kindly shared by Property Wire

Main photo courtesy of Pixabay