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Budget 2024
Chancellor Rachel Reeves has increased the stamp duty surcharge on second homes and investment properties from 3% to 5%, effective from 31 October 2024.
Announced in today’s Autumn Budget, Reeves stated: “In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.”
“This will support over 130,000 additional transactions from people buying their first home, or moving home, over the next five years.”
Prior to the Budget, it was widely expected that Reeves would not extend the lower stamp duty threshold for first-time buyers (FTBs) in the Budget.
Mortgage industry participants share their “disappointment” by today’s decision to increase the stamp duty on second homes.
This article was written by BP Ni