In September, the Chancellor of the Exchequer, Kwasi Kwarteng, announced a cut to stamp duty in the mini-budget. The tax break, which applied to properties worth up to £250,000, was initially introduced as a permanent measure.
However, in the Autumn Statement, Chancellor Jeremy Hunt confirmed that the stamp duty cut will only remain in place until 2025. After that date, stamp duty will return to its previous levels, in which stamp duty is payable after £125,000.
This change is likely to impact the housing market in the short term, as buyers hurry to take advantage of the tax break before it expires.
However, it is also possible that the housing market will cool off after the stamp duty cut expires, as buyers who would have otherwise purchased property may feel less inclined to do so when faced with higher tax rates.
Only time will tell how this change will impact the housing market in the UK.
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