LIVE: Chancellor Rachel Reeves delivers the 2024 Budget statement
A HUGE change to stamp duty has been revealed by Rachel Reeves in the Autumn Statement - and it will come into force tomorrow., Rachel Reeves revealed that second-home buyers face a stamp duty land tax surcharge rise of two percentage points – to 5% – starting from tomorrow.
Richard Donnell, head of research and insight at Zoopla said: "The extra 2% cost on buying second homes and investment property will reduce demand from second home buyers and investors."Second home buyers are already responding to last year’s Budget which allowed councils to charge double council tax for second homes.
For example, if you are buying a home worth £300,000 you would pay stamp duty at a 5% rate on the £50,000 - £2,500.IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
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