MONEY expert Martin Lewis has revealed what the end of the Stamp Duty cut will mean for first time buyers.
In the Autumn Statement today, Chancellor Jeremy Hunt said the cut will be scrapped on March 31, 2025.
Mr Lewis tweeted: "So while currently you pay no stamp duty until property costs £250,000 (£400,000 for first time buyers) it will go back to £125,000 (and £300,000 for first time buyers)."
It follows a recent cut that means that thousands of homebuyers pay less stamp duty.
Jeremy Hunt confirmed in a statement a few weeks ago that the cut to stamp duty would remain in place.
But now he has set a date for it to end, as he announced a raft of measures aimed at balancing the books.
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He said: "The OBR 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 March 31 2025.
"After that, I will sunset the measure, creating an incentive to support the housing market and all the jobs associated with it by boosting transactions during the period the economy most needs it."
Stamp duty land tax (SDLT) is a lump sum payment you have to make when purchasing property over a certain threshold – and ranges from 5 per cent to 12 per cent of the purchase price.
Ex-Chancellor Kwasi Kwarteng announced the cut to stamp duty in his mini-budget in September in a bid to boost economic growth.
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Before the cut, no stamp duty was paid on the first £125,000 of any property purchase.
That's now double at £250,000 for all home purchases.
The threshold at which the duty was paid for first-time buyers was £300,000. But that is now £425,000.
The maximum value of a property on which first-time buyers’ relief can be claimed also increased from £500,000 and is now £625,000.
How much buyers pay depends on the price and type of property, including if it's residential use or non-residential or mixed-use.
First-time buyers can save up to £6,250.
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