Changes made by the chancellor Kwasi Kwarteng in the new Prime Minister’s mini-budget have reduced the amount of stamp duty payable by first time buyers and by those moving home.

The new thresholds will increase the amount first time buyers can purchase for before stamp duty is payable and also increases the amount home movers or those who have owned properties in the past can purchase for before stamp duty is payable.

Until today first time buyers could purchase for up to £300,000 without stamp duty being payable. This has now increased to £425,000 and if you are buying for under £625,000 you will still benefit from the 0% stamp duty payable for the portion of the property under £425,000. If a first time buyer purchases for more than £625,000 then normal rates would apply.

Home movers and those purchasers who do not qualify as first time buyers can now purchase for up to £250,000 before stamp duty is payable resulting in a saving of £2,500.

It is hoped that this will result in a gradual increase in sales in the property market rather than the sporadic rushes to complete caused by the post-lockdown stamp duty holidays which were subject to complex and fluid end dates.

These changes are also welcomed after the increase in mortgage rates which are already beginning to concern buyers and which will cause some prospective purchasers to think twice before taking the plunge.