FIRST-TIME buyers Lauren Hutchinson and Matty Hooper will save £6,250 thanks to today’s stamp duty cut.
Bank worker Lauren, 28, and her boyfriend Matty, 29, an accountant, have been living with his parents in order to save money on rent so today’s news is a huge boost.
The couple are among the 200,000 homebuyers set to benefit from the stamp duty changes announced today.
In his mini-budget, Chancellor Kwasi Kwarteng doubled the threshold at which home buyers pay stamp duty from £125,000 to £250,000 meaning thousands more people won’t pay any tax.
For first-time buyers the threshold is being raised from £300,000 to £425,000.
And the maximum value of a property on which first-time buyers’ relief can be claimed will also increase from £500,000 to £625,000.
READ MORE IN MONEY
Full list of mini-budget winners and losers revealed – including low earners
Exact amount your pay will rise as National Insurance rise is SCRAPPED
It comes as the Chancellor announced:
- A beer price rise has been cancelled
- National Insurance rise scrapped saving up to £330 a year
- Income tax cut from next April saving average £124 a year
- Tax cuts for thousands new investment zones
- Investment zone boost for thousands in certain areas
- Corporation tax hike scrapped
- Bankers' bonus cap ditched
Matty and Lauren are hoping to buy a three-bedroom house for around £500,000 in or near Blandford Forum, Dorset, where they live.
They will pay £3,750 in stamp duty, down from £10,000 if they had bought before the tax cut was announced.
Lauren, who has a mortgage offer, said: “We'll save thousands thanks to the stamp duty cut.
Most read in Money
Chancellor reveals 'staggering' £45bn tax cuts in biggest bonanza in 50 years
Martin Lewis gives verdict on Mini Budget including stamp duty cut and tax cuts
HUGE boost for self employed as complex tax rules axed
Everything you need to know in £45bn mini budget – how does it affect you?