Stamp duty cut announced, saving buyers up to £6,250

The chancellor has announced a cut to the Stamp Duty tax in England and Northern Ireland.

The cut raises the threshold of how much a property has to cost before stamp duty is paid to £250,000.

First time buyers currently pay no stamp duty on the first £300,000, that will be raised to £425,000.

In his Autumn mini-budget Kwasi Kwarteng said - "And we’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000. The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today." The changes in stamp duty mean that a first time buyer in England or Northern Ireland, who is buying a property of up to £625,000 will not pay any stamp duty on the first £425,000. This will give qualifying buyers a saving of up to £6,250 on the previous rates. Non first-time buyers who qualify for the standard rates stand to save up to £5,000.