The Conservative Party has unveiled its General Election manifesto, with one big change announced to help first-time buyers. Rishi Sunak has pledged to help more people in the UK get a foot on the property ladder if the Conservatives win the upcoming general election.
Amongst the manifesto, Sunak has said he will abolish stamp duty for first-time buyers for good on homes bought for under £425,000. In the UK, stamp duty is currently paid on homes priced over £250,000 for residential properties, and more than £425,000 for first-time buyers purchasing a residential property worth £625,000 or less.The threshold is where the stamp duty tax starts to apply, so if you buy a property for less than the threshold, then there's no SDLT to pay.
"We Conservatives believe in tax cuts, for young families and first-time buyers, up to £425,000, we will abolish stamp duty entirely." The Conservative leader also added that landlords would not have to pay tax on profits when selling to tenants, to give renters "a chance to own the home they live in".