Stamp Duty update

Chancellor of the Exchequer Jeremy Hunt delivered his Autumn Statement on 17 November, with a host of announcements on personal taxation and public spending. Housing was largely absent from the key fiscal event, though a significant statement was made on Stamp Duty Land Tax (SDLT). 

In September, then-Chancellor Kwasi Kwarteng had increased the nil-rate threshold of SDLT from £125,000 to £250,000 for all purchasers of residential property in England and Northern Ireland. 

Additionally, the nil-rate threshold paid by first-time buyers climbed to £425,000 from £300,000, while the maximum purchase price for which First Time Buyers’ Relief can be claimed rose to £625,000 from £500,000. 

In his Autumn Statement, Mr Hunt confirmed that the SDLT relaxations would remain in place until March 2025, though most of his further fiscal announcements increased the tax take. 

In total, he announced around £55bn in tax rises and spending cuts, in what he called “a balanced plan for stability, a plan for growth and a plan for public services.” 

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