Chancellor Jeremy Hunt has confirmed that the stamp duty cuts announced in the September mini-Budget will end in early 2025.
Delivering the news during today’s Autumn Budget, Hunt said that the Office for Budget Responsibility expects housing activity to slow over the next two years, “So the stamp duty cuts announced in the mini-Budget will remain in place, but only until 31 March 2025.”
He added that the measure will be ‘sunset’ after that – jargon for terminating a service – “Creating an incentive to support the housing market, and the jobs associated with it, by boosting transactions during the period the economy most needs it.”
The September stamp duty cuts consisted of the nil-rate band being doubled to £250,000 and the first-time buyer (FTB) threshold increasing to £425,000.
Alongside this, the value of a property on which FTBs can claim relief was upped to £625,000.
