The energy crisis looms, the war in Ukraine creating an increase in food prices, people being asked to return to the offices and the housing market has started to stall.
So, the government have released a ‘mini’ budget to help give all new home owners a boost. But what does that mean to you?
Buyers of homes that cost less than £250,000 don’t pay stamp duty. That will comfortably buy you an average terraced home in most places outside of the South East of England.
First time buyers can spend £425,000 – roughly a detached property in Ivybridge – before paying stamp duty.
Spend £625,000 – perhaps a large detached home somewhere like Tavistock – and you’ll pay nearly £19,000.
At £1m – which could be a detached home in Exeter- stamp duty will cost just over £41,000.
