FIRST-TIME buyers Lauren Hutchinson and Matty Hooper will save £6,250 thanks to today’s stamp duty cut.
Bank worker Lauren, 28, and her boyfriend Matty, 29, an accountant, have been living with his parents in order to save money on rent so today’s news is a huge boost.
The couple are among the 200,000 homebuyers set to benefit from the stamp duty changes announced today.
In his mini-budget, Chancellor Kwasi Kwarteng doubled the threshold at which home buyers pay stamp duty from £125,000 to £250,000 meaning thousands more people won’t pay any tax.
For first-time buyers the threshold is being raised from £300,000 to £425,000.
And the maximum value of a property on which first-time buyers’ relief can be claimed will also increase from £500,000 to £625,000.
Matty and Lauren are hoping to buy a three-bedroom house for around £500,000 in or near Blandford Forum, Dorset, where they live.
They will pay £3,750 in stamp duty, down from £10,000 if they had bought before the tax cut was announced.
Lauren, who has a mortgage offer, said: “We'll save thousands thanks to the stamp duty cut.