The first change was to increase the price at which SDLT becomes payable.  Prior to 23^rd September 2022, the figure was £125,000.00, which was increased by the Chancellor to £250,000.00.  Accordingly, and so long as only the standard rate of SDLT is applicable, a purchaser will pay no SDLT at all if they purchase for £250,000.00 or less.  The bands are now as follows:

            Up to £250,000.00                                          0%

            From £250,001.00 to £925,000.00               5%

            From £925,001.00 to £1,500,000.00            10%

            Over £1,500,000.00                                        12%

The Chancellor also raised the price at which SDLT becomes payable for first-time buyers, from £300,000.00 to £425,000.00.  The ‘first-time buyer’ relief is now applicable on properties with a value of up to £625,000.00 which is an increase from £500,000.00.  That said it is still a requirement that the property is to be the first-time buyer’s main residence.

Given the cost of living crisis which is exacerbated by increasing interest rates, whilst the changes to SDLT are permanent and welcomed, time will tell as to whether they assist in keeping the housing market moving.

For further information, please contact our friendly Conveyancing team on 024 76531532 or enquiries@bttj.com, who will be happy to help.

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