A leading East Yorkshire housebuilder has welcomed the changes to stamp duty in the new Chancellor鈥檚 mini Budget.
The threshold at which it is charged has been doubled from 拢125,000 to 拢250,000, while first time buyers will be exempt up to 拢425,000.
It comes into effect immediately, with the government claiming 200,000 people will be spared the additional cost of getting on or moving up the housing ladder.
Read more: Hydrogen, carbon capture and offshore wind - Humber infrastructure pledges
Richard Beal, chief executive of Hessle-based Beal Homes, said: 鈥淭he Chancellor鈥檚 announcement on stamp duty is very welcome. The housebuilding industry is a cornerstone of the 海角视频 economy and a healthy housing market is essential to the growth agenda promoted by the new Prime Minister and Chancellor.
鈥淭he stamp duty cut will help many buyers by removing altogether, or significantly reducing, a significant upfront cost of moving home. It will help first-time buyers get on the housing ladder and encourage existing homeowners to move, which will generate further spending on furniture and home accessories to stimulate the economy.
鈥淩aising the stamp duty threshold will have an especially positive impact in Hull, East Yorkshire and Lincolnshire, where we operate, because house prices are lower than in many other regions.
鈥淚t means stamp duty will not apply at all to a significant proportion of the homes we sell. For example, nearly all of the house types in our upcoming development, King鈥檚 Fold, in Kingswood, Hull, will be priced below or only just above the new threshold.
鈥淚t鈥檚 very good news for homebuyers, especially first-time buyers, and the economy as a whole.鈥
For those already on the ladder, stamp duty of 5 per cent of the purchasing fee will apply for homes in the 拢250,000 to 拢925,000 bracket, with 10 per cent on those up to 拢1.5 million and 12 per cent beyond.
Read next:
Hull could be set for new 'Investment Zone' status in new Chancellor's mini-budget
Final call for entries to the Hull Live Business Awards 2022
Tech-driven sporting and social venue to open in Hull's Old Town
All your Humber business news in one place - bookmark it now
