Sunak set to announce Stamp Duty Holiday in bid to revive housing market

As part of a raft of measures aimed at getting the UK economy back on its feet, Chancellor of the Exchequer, Rishi Sunak, will reportedly reveal plans during his summer statement on Wednesday to increase the Stamp Duty threshold.

At present, the threshold is set at £125k, but this could rise to as much as £500k according to reports.

The new threshold is designed to make it more financially realistic for first-time-buyers to get onto the property ladder.

FIS director Alwin Oliver said

“We are awaiting the announcement from the chancellor and if true will be a welcome boost to first time buyers”

He continued to add

“What is not so clear yet is whether buy to let investors will benefit, but we have noticed a rise in the number of enquires from parents of students wishing to buy a property for their student son our daughter, with a view to that being their first home, which is also a welcome return of a practice more common a decade ago”.