While this means that the tax isn’t being totally removed, it does mean that you can buy a house for up to £500,000 without having to pay stamp duty at all. This will effectively boost the housing market, with conceivably more people looking to buy a house as stamp duty bills would fall by £4500 on average, with four out of 10 people buying a house not paying any stamp duty at all.
The changes take effect from today. We still await clarity on how stamp duty is to be charged
We will update the news page as soon as the details are announced.