Warning issued to anyone buying a home for more than £300,000 next year

manchestereveningnews.co.uk:

A warning has been issued to anyone buying a property priced at more than £300,000 next year. A new rule introduced in the Government’s autumn budget by Chancellor Rachel Reeves will see homeowners now paying more in stamp duty.

Stamp Duty Land Tax (SDLT) is an amount you pay when you buy houses, flats and other land and buildings over a certain price in the UK.

First-time buyers are exempt from paying stamp duty up to an initial threshold of £300,000, if the price of the property they are purchasing is below £500,000.

But for those who are already on the property ladder, and are looking to move from April 1 next year, they could find their stamp duty bill more than double. READ MORE: Dad forced to demolish luxury Airbnb cabins after two year planning row Based on the average UK house price of £293,000, those buying a house next year could see their tax more than double from £2,150 to £4,650.