Press Cutting
How much is stamp duty? The new rates explained, who pays the tax and what the cut means for first-time buyers
Angus Irvine
Partner & Head of Rapleys Living – Residential
4th Oct 2022
As published in ipaper/ inews on 23 September 2022.
Chancellor Kwasi Kwarteng has announced a cut to stamp duty as part of his mini-Budget unveiled on Friday. The level at which homebuyers pay the tax will be doubled to £250,000, with additional support for first-time buyers.
Angus Irvine, Partner in Rapleys’ residential consultancy explains how this will affect the housing marketing “Although there is a split camp on the merits of a stamp duty cut, at this point in time it seems like a short-term fix which will pump up prices in the short term like it did during Covid.
“Really the Government should be investing in building houses and part of that is unblocking the planning system. As ever with supply and demand, if you cut SDLT and increase the number of transactions, the demand will push up the prices.”
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