Trusted Realtors in Mitcham

First time buyers in Tooting, Sutton and similar areas of London have been handed a stamp duty boost by the current Conservative government. Just as former Chancellor Rishi Sunak choose to provide a stamp duty holiday for buyers – and in doing so inflamed an already ‘hot’ property market - now Kwasai Kwarteng has increased the threshold at which stamp duty tax is payable. The £125,000 no-tax cut-off point has been raised to £250,000, while first time buyers can buy property up to £425,000 without having to paying any stamp duty tax (previously the first-time buyer threshold was £300). In addition, first-time buyers can buy a property valued at up to £625,000 and still claim relief (a jump of £125,000). Sellers encouraged to list sooner rather than later. All of the new measures came in immediately and, according to the government, will benefit around 200,000 new property buyers in England and Northern Ireland, including first time buyers in Sutton, Tooting and other London boroughs. Scotland and Wales have their own Stamp Duty systems - Land and Buildings Transaction Tax and the Land Transaction Tax respectively - and where the cuts aren’t applicable. The cuts to stamp duty have been welcomed by some first-time buyers, while others fear they may just make the cost of property even more expensive. If you are thinking of selling, contact Next Step Estates...