Previously, just the first £125,000 was stamp-duty free but now the government has increased that to £250,000 for all home buyers.
This is good because a third of all homes currently for sale (33%) are now completely exempt from stamp duty in England.
If you're thinking of downsizing then you'll probably think this mini-budget is a good incentive to do so.
First-time buyers will be encouraged by the latest changes; the government has increased the threshold from £300,000 to £425,000.
As well as that the maximum price of a property that first-time buyers can claim tax relief will increase from £500,000 to £625,000.
This means if you're a first-time buyer you could reduce your stamp duty bill by up to £11,250.
It also means that two-thirds (66%) of homes in England are now exempt from stamp duty for first-time buyers. The intention is to help first-time buyers to put down roots.
The other good news is that there's no cut-off date so there won't be an awful scramble to push sales through causing unnecessary stress to everyone involved.
If you've been thinking about getting onto the property ladder or buying again then the stamp duty cut should give you the confidence to do so.
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