In the News – Home Finance

Gardens uprooted

A quarter (25%) of homeowners in the UK with outside space have turned all or part of their garden into a driveway and a further 17% plan to make this change1. As well as parking space proving to be popular, one in ten homeowners with outside space have replaced at least some of their garden’s natural lawn with artificial grass; a further 29% are considering making the swap. In contrast, 12% have replaced part or all of their garden with a wildflower meadow and 7% have turned their driveways into a planted garden.

Stamp Duty

On 23 September, the government outlined a series of tax cuts and measures, most of which have since been reversed. One of the surviving tax announcements was a reduction in Stamp Duty Land Tax (SDLT) in England and Northern Ireland, raising the residential nil-rate threshold from £125,000 to £250,000, with immediate effect, and First Time Buyers Relief from £300,000 to £425,000. The maximum amount that an individual can pay for a home while remaining eligible for First Time Buyers’ Relief, was increased from £500,000 to £625,000. As SDLT is devolved in Scotland and Wales, the Scottish and Welsh Governments will receive funding through an agreed fiscal framework to ‘allocate as they see fit.’ 

1Aviva, 2022     

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.