Boris Johnson Plans To Stimulate Property Market By Cutting Stamp Duty

Boris Johnson has reportedly told a group of Tory voters that the budget would overhaul Stamp Duty Land Tax thresholds by scrapping SDLT on property worth less than £500,000.

The current stamp duty rules in place mean that only properties priced under £125,000 are exempt, with the threshold being £300,000 for first time buyers.

This may be a relief for the market. Mr Johnson reportedly said that if he becomes Prime Minister it is his intention to freeze all new regulations until such time as his new cabinet would have the time to approve them.

This could mean the proposed ban on all leasehold new builds and leaseholds being sold through the Help to Buy Scheme and the 15-day deadline proposed to be imposed on freeholders to provide vital leasehold information could be delayed until after the cabinet approves these changes.