The move is designed to help first time buyers
The government has announced a cut to stamp duty in Friday's mini-budget - in a bid to help first-time buyers across the UK. Stamp Duty is the tax paid when people buy a property in England and Northern Ireland.
The changes may help 200,000 people from having to pay stamp duty. The value of a property in which first-time buyers can claim stamp duty relief on has also increased from £500,000 to £625,000.Anyone spending £250,000 on a property will avoid the £2,500 in stamp duties which were previously charged at 2% on properties between £125,000 and £250,000.
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